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