Wolfers says, “real economics takes account of emotions as well.”
Economics of Family Life, as Taught by a Power Couple (NYTimes)
Agreed!
Later, though, the reporter notes that “Mr. Wolfers has written about the joys of fatherhood [Freakonomics blog, 2011] ‘It’s visceral; it’s real; it’s hormonal and it’s not in our economic models.'”
So, hmm. let’s continue working to incorporate more of those emotions and hormones into economics. Continue “exploring the basic idea informing economics—that people are purposeful, analytic decision makers” made of flesh and bone.