Just finished reading Super Freakanomics by Steven D Levitt and Stephen J Dubner. They have dished out their extremely readable yet highly erudite take not only on general economic issues but many aspects of “behavioral economics” as well.
Their views on Lab Experiments in Behavioral economics like “Ultimatum” and “Dictator” clearly show that such “controlled experiments rarely reveal the real picture. They rather advocate independent field observation and drawing inferences therefrom. While physical sciences have to rely and be based on “experiments” conducted in laboratories, to apply the same technique to social sciences would result in empty “findings” that merely confirm well known principles or create a new block of “Knowledge” that is not based on sound foundation. When such ‘experiments” are conducted and published by “experts” who have a reputation and a monetary need to maintain it, true search for knowledge, necessarily, has to take a back seat.
The chapter on Global Warming and simple approaches to control it are truly worth reading by every inhabitant of the planet before we start expending public money on Climatic issues.
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