Economic models didn't predict Wikipedia editors or suicide bombers. There is far more to human motivations than economic incentives.
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of course, humans choose actions based on ordinal values. Economic incentives help ppl predict outcomes of actions.
No the prediction value of economics when it comes to many human motivations is quite poor.
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what I meant was, economic incentives help the individual predict the outcome of their own actions, not an aggregate outcome.
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individuals don't even have perfect knowledge of their own ordinal values until forced to choose...
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so I agree that exact predictions of aggregate outcomes are poor, but we can predict economic trends imo.
End of conversation
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