Beliefs and stories passed on by thousands of individuals are important factors, maybe even the main ones, in determining big shifts in the economy.
This sort of ooga-booga is why it's almost impossible to take economists very seriously.
Any sort of study with pretensions to scientific rigor (look at all that fancy math!) that, at the end of the day, falls back on something like animal spirits, deserves quite a bit of mockery.
This sort of ooga-booga is why it's almost impossible to take economists very seriously.
Any sort of study with pretensions to scientific rigor (look at all that fancy math!) that, at the end of the day, falls back on something like animal spirits, deserves quite a bit of mockery.