Oblomov,
I followed the replies & responses between you & Janko. Boy, you guys lost me!-g-
I always related to that movie with Roodney Dangerfield, the one that he went to college with his son. Sitting in a (econ) classroom, the prof. was talking about the process of building a widget factory. RD tried to correct the prof's simplistic, academic procedure by telling him, "First you have to have somebody on the zoning committee in your pocket, then you have to pay off the building inspector..." The prof was absolutely agast!
Many, oh so many times in the classroom I found academia completely divorced from reality, and not just to single out Kathleen Hayes, but she seems to be an excellent example with the look on her face, the increase in her speaking, when she tells us about newly published numbers, what they mean and what the results WILL BE. And then that pleased look on her face when she's finished as if she's thinking, "There, I've given you the numbers, told you what they mean, and told you what will happen because the (economic) Bible told me so."
Human nature, actions, and thinking, IMO cannot be out into a formula. That's why my NVDA puts expired worthless in Jan 02 but would've be VERY deep ITM today.-g-
<<I think that the "behavioral finance" theories of Robert Shiller, Andrew Lo, etc. are a promising replacement for the current academic econ regime.>> Probably very true. |
