Comment by genericresponse

That's just not true. The models have real predictive power, they just have limitations. Behavioral economics, which tackles this frontier is still a growing field. Thaler, Kahneman, and Taversky won the prize in 2017 for building the bridge between economic theory and individual decision-making.

At the risk of being inflammatory-- These arguments are the equivalent of saying that Newton didn't really do physics because his models of mechanics break down at high enough speeds and small enough scales.