Thursday, June 9, 2016
Even the "smart" people.......
The strength of economics as a social science is the belief that people will attempt to behave rationally. The challenge is to work out how a rational person might cope with radical uncertainty. People aren't dumb. It is just that in a world of radical uncertainty even smart people do not find it easy to know what it means to behave in a smart manner.
-Mervyn King, The End of Alchemy: Money, Banking, and the Future of the Global Economy