George Akerlof's Presidential Address

This is well worth reading:

http://www.aeaweb.org/annual_mtg_papers/2015/0106_1640_0101.pdf

Apparently, a fair number of economists didn't like this, because it states that empirical findings undermine a number of neoclassical totems, such as the Permanent Income Hypothesis. But if we want to be a reality-base profession...