Daily Teaching for Saturday, August 25th

Do we understand that much of economics isn’t based in reality but in the fears and uncertainty of traders? Their interpretations of events such as corporate reports, the impact of the weather on crops, what might make OPEC mad, and any of a number of other random variables potential impact on the future – which, after all, can’t be known – leads to the rising and falling of the stock market and, by extension, the health of our economy. It’s an uncontrollable situation that in many ways is nothing more than a complex fiction dependent upon the personalities of traders. Could there be better evidence that happiness is not found in finances?

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