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Old August 10th 19, 03:21 AM posted to rec.bicycles.tech
Andre Jute[_2_]
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On Saturday, August 10, 2019 at 1:23:24 AM UTC+1, AMuzi wrote:
On 8/9/2019 6:10 PM, Andre Jute wrote:
Andre Jute
Economics isn't difficult: it is the commonsense activities of individuals considered in aggregate.


???


If the query is about the tagline to my sig, many economists with real life experience in business are moving away from the first two great commandments of classical economics, viz that all individuals in every market are fully informed and fully rational in every decision. That is clearly not so. We don't need to go further afield than RBT for an example.

Of course we don't go as far as Krugman, who is so Post-Modern, he's totally unmoored from reality, indeed he's unattached to anything he said yesterday or the day before, though in a few days he'll probably spout the same weirdness as he did a couple of weeks ago. In fact, he's so cyclically insane, we should make him an honorary member of RBT.

Andre Jute
Sane since I was 13. I wonder how I managed that.


Krugman is indeed unhinged and he was even before Trump
Derangement Syndrome.


I must quibble that although many individual investors are
frequently wrong, and provably so, the wisdom of crowds is a
real thing and an amazingly reliable economic indicator. Nor
infallible, but amazingly prescient usually.


I agree. However, the mob is never right. The trick is to distinguish the mob from the crowd.

--
Andrew Muzi
www.yellowjersey.org/
Open every day since 1 April, 1971


Andre Jute
I can't believe the foolishness of historians who equate the French and American Revolutions. The French wanted to raise a ravening mob of murderers, the American Founding Fathers created the Electoral College and other enduring institutions specifically to defend minorities against the mob.
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