A "New" Economics 101
by theoryforthemasses In a recent New York Times op-ed, columnist David Brooks questions whether the old, “rational,” Keynesian model of economics is truly useful for trying to understand the current economic crisis. He suggests that while economists have traditionally built elegant economic models of efficient markets based on rational actors, the process of making economic decisions is actually much more complex. Brooks explains that these complexities, which are informed by actors’ various strategies, memories, and intuitions, are what influences...
