I would point out the vast distance between reality and the usual toy model of economics inhabited by omniscient economic agents.
Even if you ignore the fact that human beings are not rational (and, of course, behave very differently from economic agents), throwing imperfect knowledge and uncertainty of the future into your constructs is probably enough to change the landscape a great deal.
I would point out the vast distance between reality and the usual toy model of economics inhabited by omniscient economic agents.
Even if you ignore the fact that human beings are not rational (and, of course, behave very differently from economic agents), throwing imperfect knowledge and uncertainty of the future into your constructs is probably enough to change the landscape a great deal.