Can we make economic theory more accurate if we base it on behavioural science?

In the previous episode, Robert castigated economics and economists' concept of 'utility' as fundamentally flawed, leading to models whose predictions keep being wrong. This week, Robert sketches out a way of thinking about utility that could improve economic modelling, yield more accurate predictions, and provide a more rational basis for macro-economic policy. A bold claim ... but this is a podcast, not an academic paper!

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