The lack of prediction of the sequences of events does not bother me as predicting what new information will turn up is inherently impossible. Policy not having the expected effect is more problematic.
Behavioural economics has the same replication of results problem as psychology (and economics more broadly). Which does not mean it’s a bad idea, just that too much of it is not done very well.
You're partly right, economists can't even predict interest rates. But behavioral economics is experiment based, and wonderful.
The lack of prediction of the sequences of events does not bother me as predicting what new information will turn up is inherently impossible. Policy not having the expected effect is more problematic.
Behavioural economics has the same replication of results problem as psychology (and economics more broadly). Which does not mean it’s a bad idea, just that too much of it is not done very well.