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Blind Faith by Edward Winslow

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27

CHAPTER TWOFAITH IN OURSELVESTHE IRRATIONAL BEHAVIOR OF INVESTORS

Man is not to be comprehended in terms of sophisticated economic laws in which his innate ferocity and creativity are smothered under a cloak of rationalization. He is better dealt with in the less flattering but more fundamental vocabulary of the anthropologist or the psychologist: a creature of strong and irrational drives, credulous, untutored, and ritualistic. Economists should leave aside flattering fictions and find out why man actually behaves as he does.

THORSTEIN VEBLEN, AMERICAN ECONOMIST (1857–1929)

THE BEHAVIOR OF INDIVIDUAL INVESTORS

DO PEOPLE ACT rationally when making decisions about their investments? The connection between money and motive can leave us wide ...

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