torekp comments on Which Fields Are Underserved? - Less Wrong
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I wouldn't say that economics is an illegitimate field without useful findings, but it may well be underserved. It contains a lot of elegant mathematical superstructure build on shaky foundations. Treating normative theories like Von Neumann-Morgenstern utility as if they were descriptive is of very limited ... utility. As Daniel Hausman, cited by Leiter, wrote,
Many (behavioral, especially) economists have proposed partial models accounting for a given irrationality or deviance from standard choice theory. What I haven't heard of - and admittedly I don't follow the subject closely - is any synthesis that covers a wide range of real human choice patterns.