Is Behavioral Economics Doomed?

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Executive Summary

As Max Weber was a professor of economics, it is perhaps appropriate to discuss modern "Behavioral economics" in a lecture in his honor. Indeed - modern economics has returned to many of the issues that fascinated Weber, ranging from political economy to the theory of organizations. Behavioral economics purports to be instrumental in these extensions - the author's goal in this lecture is to address the question of what - if anything - behavioral economics brings to economics.

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