Letters | Science News

ADVERTISEMENT

SUPPORT SCIENCE NEWS

Science News is a nonprofit.

Help us keep you informed.


Letters to the Editor

Letters

By
10:20am, July 15, 2011

Irrational with money
Bruce Bower’s excellent article on “Simple heresy” (SN: 6/4/11, p. 26) showcases the blindness of mainstream economics. Namely, economics is often more like the weather than a game of dice: chaotic — with catastrophes, cycles and all manner of weird behavior. Yet economists continue to use statistical models that work “until they don’t.” So it is not surprising that investment strategies that use simple heuristics may do better than the pseudo­science of economists. Meanwhile, real science is not stymied by chaos, as climate science is now demonstrating.
Dick Burkhart, Seattle, Wash.

I have thought for years that economists and their ilk must live in some parallel universe where all decisions made by consumers are rational and well-thought-out, with reams

This article is only available to Science News subscribers. Already a subscriber? Log in now. Or subscribe today for full access.

Get Science News headlines by e-mail.

More from this issue of Science News

From the Nature Index Paid Content