Economists, and perhaps social scientists more generally, should devote more effort to inductive reasoning from observation, and less to deductive reasoning from axioms. “It takes a model to beat a model” is a mantra among economists. But the slogan is false. It takes an observation to beat a model. - http://www.prospectmagazine.co.uk/magazine/behavioural-economics-did-kahneman-and-tversky-change-the-world