Economic theorists, like French chefs in regard to food, have developed stylized models whose ingredients are limited by some unwritten rules. Just as traditional French cooking does not use seaweed or raw fish, so neoclassical models do not make assumptions… — George Akerlof Copy Share Image
Economists got away from really questioning how the world works, how decisions actually got made. If something doesn't conform to neoclassical models ... people are not somehow behaving themselves properly. — W. Brian Arthur Copy Share Image
