The recognition of the existence of imperfect information in decision making and the cognitive li mitations of the human mind put various assumptions of the neoclassic al economic paradigm in doubt. Neoclassical economists re-sponded by arguing that decision rules, or rules-of-thumb, can be used...

When a theory faces a set of facts that are not compatible with its key assumptions, there are several ways it might respond. In response to the challenge posed by behavioral economics, neoclassical economics has attempted numerous different approaches. After briefly reviewing these responses,...

Do we really have to cut social programs to save the budget? Of course not, answers this long-time observer.