The celebrated economist, who wrotes some excellent stuff in the Atlantic a while back writes a riveting piece in the Guardian. I had thought that markets can also be based on mob or herd mentalities, but he also gives us several other ideas. A good primer on ecomomic psyhcology – if I can call it that.
Nobel prize winners have figured it out, but didn't we all know that the markets are really based on irrational behaviour?
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