Why Economic Models Can’t Provide a Realistic Picture of Human Behavior – Frank Shostak (05/27/2021)
While in the natural sciences a laboratory experiment can isolate various elements and their movements can be followed through, there is no equivalent in the economic discipline. The introduction of econometrics and model building is an attempt to produce a laboratory where controlled experiments can be conducted. The idea of having such a laboratory is…
Source: https://wallstreetwindow.com/2021/05/why-economic-models-cant-provide-a-realistic-picture-of-human-behavior-frank-shostak-05-27-2021/
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