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QOTW: Debt and Delusion
Posted By Barry Ritholtz On July 22, 2011 @ 1:30 pm In Credit,Markets,Psychology/Sentiment | Comments Disabled
In yesterday’s afternoon reads [1], I linked to Bob Shiller’s article Debt and Delusion [2]. The same paragraph (below) was emailed back to me so many times, I had to make it our quote of the week:
“Economists who adhere to rational-expectations models of the world will never admit it, but a lot of what happens in markets is driven by pure stupidity – or, rather, inattention, misinformation about fundamentals, and an exaggerated focus on currently circulating stories.”
-Debt and Delusion [2]
hat tip many many emailers
Article printed from The Big Picture: http://www.ritholtz.com/blog
URL to article: http://www.ritholtz.com/blog/2011/07/qotw-debt-and-delusion/
URLs in this post:
[1] afternoon reads: http://www.ritholtz.com/blog/2011/07/thursday-afternoon-reads/
[2] Debt and Delusion: http://www.project-syndicate.org/commentary/shiller78/English
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