A Challenge To The "Econoclasts": A Commentary on "Rationality for Economists?"

• Published in: Journal of risk and uncertainty Vol. 19; no. 1/3; pp. 107 - 108
• Main Author: MACHINA, MARK J.
• Format: Journal Article
• Language: English
• Published: New York Kluwer Academic Publishers 01-12-1999; Springer Nature B.V
• Subjects: Circular orbits; Classical economics; Economic models; Economic research; Economic theory; Modeling; Orbits; United States > US
• ISSN: 0895-5646; 1573-0476
• DOI: 10.1023/A:1007815124693

When a researcher of such outstanding accomplishment in the theory and empirics of the classical economic model as Daniel McFadden (1999) presents such a thoughtful and extensive survey of the difficulties with this model, every economist is obliged to stop and think. It is time for the strongest critics of the classical model to drop it as their "reference point," and to start searching for and describing what is really happening instead. Economists often look to the physical sciences for guidance or analogy, and it is worth doing so now.