I do not think they’re far from being able to describe most important power dynamics, although one does need to go beyond game-theory-101. In particular, Schelling’s work is key for things like “rumor starting a stampede” or abstractions having causal power, as well as properly understanding threats, the importance of risk tolerance, and various other aspects particularly relevant to bargaining dynamics.
I do not think they’re far from being able to describe most important power dynamics, although one does need to go beyond game-theory-101. In particular, Schelling’s work is key for things like “rumor starting a stampede” or abstractions having causal power, as well as properly understanding threats, the importance of risk tolerance, and various other aspects particularly relevant to bargaining dynamics.