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Mongo, A Free Dog
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Keynes also noted that, "Even apart from the instability due to speculation, there is ... instability due to the characteristic of human nature that a large proportion of our positive activities depend on spontaneous optimism rather than mathematical expectations... [Most] of our decisions to do something positive... can only be taken as the result of animal spirits — a spontaneous urge to action rather than inaction, and not as the outcome of [reasoned decisions based on weighing the data]."
-- The General Theory Of Employment, Interest, And Money (1936)
I'd say there's plenty of Animal going on, out there, just now. And more to come.
Emergence in stock markets
Stock markets are not people. I say this because yesterday’s big fall in European stocks makes many believe that markets look more like casino than textbook efficient markets. Jonathan Portes is right to point out that, technically, this is a mistake. But it is a very understandable one. A man w...
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May 15, 2016
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