Thursday, January 13, 2011

Confidence

Yes it's true that in economics there can be self-fulfilling prophecies, but this obsession by elites with mass psychology instead of economic reality is depressing. So, yes, if you could trick every business into thinking that in a year's time they would have twice the demand for their product as they do now that prophecy might actually, to some degree, come true, but that isn't actually going to happen.

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