Vernon Smith (2008) argues that his experimental work is a demonstration of Friedrich Hayek's ‘ecological rationalism'. This assertion is difficult to square with Hayek's apparent dismissal of the possibility of demonstrating ‘ecological rationality' in a laboratory (documented in Smith...

Economists overlook an ally in the Aristotelian tradition, since both economics and Aristotle begin their analysis with human choice. Economics can learn much about its limits from the Aristotelian tradition, which describes aspects of choice behavior which cannot be precisely modeled. This...