Financial theory never claimed individuals are rational, only that prices are

Evidence

I, for one, never thought that people myself included were all that rational in their behavior. To the contrary, I am always amazed at what people do. But, that was never the point of financial theory. — Donald MacKenzie, An Engine, Not a Camera, 1211

Categorization

• CANDY: flagged by the selector, no supporting note recorded
• XREF: connects to: Unrealistic assumptions do not count as legitimate criticisms in financial economics — Donald MacKenzie, An Engine, Not a Camera: How Financial…, 63; Economic theories function as analytic engines rather than exact copies of reality.

Broader Connections

• Unrealistic assumptions do not count as legitimate criticisms in financial economics #expands (0.85) — Donald MacKenzie, An Engine, Not a Camera, 63
• Economic theories function as analytic engines rather than exact copies of reality. #expands (0.80)