Economists have more to learn from the natural sciences if they are to claim a realistic model of human behaviour
You’ve come to a canteen for lunch: at one end of the counter, you see juicy fat burgers sizzling on a grill and, at the other end, healthy-looking salads. After a little hesitation, you choose the burger. “Cheese and bacon with that?” Well, why not?
Classical economists, perhaps uniquely among members of the human race, would assume you made your decision fully aware of the implications of your actions, that you weighed up those implications and came to the conclusion that, all things considered, the cheese and bacon burger is the better choice. But I for one am rarely so rational and frequently rue my failure to take the healthy option. Considering there are more than a billion people worldwide who are overweight, I’m guessing I’m not alone.