[ExI] Does the Pope have Corvid-19?

[Dan TheBookMan]

On Feb 28, 2020, at 4:25 PM, William Flynn Wallace via extropy-chat <extropy-chat at lists.extropy.org> wrote:
> 
> Hayek or Keynes - are either of these theories predicated on the assumption of the rational investor?  Kahneman and Tversky blew that sky high, right?

Neither Keynesian or Hayekian economics présumés a rational investor. Keynes, in fact, argued that investors are often illogical and moved by “animal spirits.” You’re perhaps thinking of neoclassical economics.

(I’m leaving aside the wider field of Austrian the economics, the notion of rationality is merely used to mean having a purpose. Thus, someone might bay at the Moon because she or he believes this will ring back the text files they accidentally deleted and repeatedly do this despite it never working and someone like Mises would say the behavior is rational from the perspective that they’re doing it for a goal — even if you and I can plainly see it’s foolish if funny to watch.;)

Dan
   Sample my Kindle books at:
http://author.to/DanUst
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