Friday, February 29, 2008

Behavioral Economists

The more I hear about "behavioral economics" the more I like it. From what I can tell, the field basically replaces the highly problematic premise that individuals are rational actors with simple experimentation. It's like, er, making economics less a philosophy, and more a science. Here's a review of big-time guy Dan Ariely's recent book, "Predictably Irrational: The Hidden Forces That Shape Our Decisions" in the New Yorker. Also, I've heard Obama could do for behavioral economics what Reagan did for supply-siders. Not sure where I heard that but here's an article in the The New Republic about Obama and the field.

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