Just like the standard model is just a model, economics relies on models as well. Matter of fact is that it's hard to predict what humans in aggregate are capable of. But I welcome anyone trying to come up with new models ...
Full disclosure, econ PhD student (high-freq trading area)
A sentiment often echoed by economists. I'd be inclined to counter with the following:
All models are wrong. Some are useful, some are dangerous. Do you have a mechanism to tell the difference?
What I'd like to see studied is any connection between funds allocated to econ research and the assumptions made in the publication output.
More study on how econ research is funded in general would help to better understand the incentives and motives of researchers.
All models are wrong, some are useful
Hey, I have a few questions regarding the Econ-PhD you're doing. (Basically questions about the work you're doing, is it worth it??...etc.) My email in my profile if you'd like to get in touch.
(By is it worth it, I mean your personal opinion on the value you are getting from your current area of research, which you've mentioned is HFT)