The paper argues that substantial support for Soros' claims about uncertainty and reflexivity in economics and human affairs generally are provided by the operation of both factors in the biological domain to produce substantially the same processes which have been recognized by ecologists and...

This paper identifies the major failings of mainstream economics and the rational choice theory it relies upon. These failures were identified by the four figures mentioned in the title: economics treats agents as rational fools; by the time the long run equilibrium arrives, we are all dead; the...

<DIV>Economics today cannot predict the likely outcome of specific events any better than it could in the time of Adam Smith. This is Alexander Rosenberg's controversial challenge to the scientific status of economics. Rosenberg explains that the defining characteristic of <I>any</I> science is predictive...</i></div>

The contest between rational and behavioral finance is poorly understood as a contest over 'testability' and 'predictive success.' In fact, neither rational nor behavioral finance offer much in the way of testable predictions of improving precision. Researchers in the rational paradigm seem to...