We regard Economic Theory as a collection of models, each viewed as a storyor a fable rather than as a testable scientific model to be verified or refuted(seeRubinstein(2012)). Models in Economic Theory are “useful” in the samesense that fables are.Perhaps, there is no boy who literally “cried wolf”,but we nevertheless tell the story to teach our children about…
sat that evening in the back of the auditorium where the first Senate session of the academic year was being held. The table on the stage was draped with a green tablecloth that reached the floor. Seated at the table were the patricians of the university, which is situated north of an almost dry riverbed. A microphone was connected to scratchy loudspeaker…