Maybe my discipline for reading has been waning in recent weeks, because this is the second consecutive book that I’ve been unable to read in its entirety before quitting. The problem with The Winner’s Curse is that it is a highly technical way of saying “duh.” By this I mean that Thaler addresses issues . . . → Read More: Book Review: The Winner’s Curse by Richard Thale
In his book, ‘Flourish’, Martin Seligman writes:
‘I am all for realism when there is a knowable reality out there that is not influenced by your expectations. When your expectations influence reality, realism sucks’ (p 236-7). I have been thinking about the sentiments in that paragraph at various times over the last couple of . . . → Read More: Why Can’t We Have A Realistic Basis For Optimism?
The eventful happenings of last year or so have not only unleashed a crisis on the world economy, but also unveiled what is probably an even greater problem – a crisis within economics itself! In the two decades or so before 2007, the primary proponent of anti-Keynesianism within the mainstream tradition was the Rational Expectations [...] . . . → Read More: Rational expectations, Keynesianism, and Austrian Theory