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July 23, 2009

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Michael F. Martin

This is great work, but why resort to handwavy empirical psychology? Just start measuring the frequency distribution of buying and selling. Use internal rates of return instead of market share to gauge who's cheating.

The blind spot for neoclassical theory was for rapid dynamics. But to be useful any alternative theory must also apply to large populations over long times. We need to see the frequency spectrum of activity to understand changes in time. I'd love to see such frequency spectra explained in terms of neural networks and their idiosyncrasies, but lots of those quirks wash out at scale. That's why neoclassical theory works at all.

Economics has lost its way. But it won't find it again in any laboratory.

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