Dan Ariely, a professor of behavioral economics at Duke University, presents examples of cognitive illusions that help illustrate why humans make predictably irrational decisions.
Ariely is the author of Predictably Irrational: The Hidden Forces That Shape Our Decisions
Monterey, CA, Dec 13th, 2008
In any great organization it is far, far safer to be wrong with the majority than to be right alone. —John Kenneth Galbraith
Asian currencies continue to sell off vs the $ on the heels of the news yesterday that South Korea said they will look into hot money inflows stemming from the $ carry trade and the Bank of Indonesia said they are looking into the foreign buying of bills. This follows the news a few weeks ago that Taiwan was limiting foreign deposit holdings and Brazil was taxing foreign inflow transactions. As I mentioned yesterday, we may have reached a short term pain threshold in terms of $ weakness and foreign countries are fighting back as they certainly won't wait for...
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January 15th, 2009 at 6:43 pm
fantastic. The entire edifice of 19th, 20, and (so far) 21st century economics is built on a rational population that always looks to the future and always knows what it wants, when in fact reality is THE EXACT OPPOSITE.
Similar thinking would get me kicked out of my Grade 3 science class, but they give cabinet posts and Nobel Awards to economists that teach that rubbish.
no wonder we’re f***ed