ABSTRACT
However, much empirical work, particularly in behavioral economics, has shown that many of the core axiomatic assumptions of economic theory are flawed. Economics has what computer scientists call a ‘garbage in, garbage out’ problem – the logic of its proofs and equations may be flawless – but it is built on a base of empirically disproven assumptions and so the conclusions based on those assumptions are likely to be suspect as well (Beinhocker, 2006). This is born out by meta studies of empirical results in economics that conclude that the empirical credibility of economics is ‘modest or even low’ (Ioannides & Doucouliagos, 2013, p. 1).
