Monthly Archives: September 2011

Uncertainty absorption, decision premises and the maintenance of social control

Since a good portion of this site’s search traffic comes from terms related to uncertainty absorption, I thought I would clarify the term and show how it works in action. Uncertainty absorption in social systems: March and Simon In their … Continue reading

Posted in Information and systems, Organizations | 3 Comments

The dangers of crowd cognition

I’m pressed for time at the moment so I’m going to cheat and present some notes on interesting papers that I’m working into my thesis. The first two identify sources of failure in social cognition, with the first demonstrating the … Continue reading

Posted in Finance and capital markets, Information and systems | Leave a comment

Thoma on reversing the economics of hope

This kind of writing makes me wish Mark Thoma wrote more on his already invaluable blog: It seems to me that the current crisis is, to a large extent, reversing the economics of hope. When workers look forward today, what … Continue reading

Posted in Inequality, Politics, Public finance | Leave a comment

No tea for you

Europe is a strange market when it comes to retail investment products. On the one hand, the UCITS structure allowed European and UK individual investors to have access to all sorts of interesting strategies before they were widely available here … Continue reading

Posted in Uncategorized | Leave a comment

Eatwell & Taylor on signals and fundamentals

Since the markets are driven by average opinion about what average opinion will be, an enormous premium is placed on any information or signals that might provide a guide to the swings in average opinion and to how average opinion … Continue reading

Posted in Finance and capital markets, Information and systems | Leave a comment

The other side of the story: what non-economists don’t see

It is not my intent in writing these posts about economic education to bash economists and what they learn. If anything it’s the opposite – my point is that most of the valuable information that economists learn in advanced study … Continue reading

Posted in Education, Politics | Leave a comment

The miseducation of the professional class

In an earlier post, I described the sociology of economic knowledge at the elite professional schools (as opposed to doctoral programs) where future meritocrats are trained. Due to a combination of significant time constraints, the varying mathematical abilities of professional … Continue reading

Posted in Education, Politics | 1 Comment