Word: marketing
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There are those who still insist on rational expectations theories and EMH as the best predictors of human and market behavior. Put simply, their point is that mistakes may be made, but economics as a field can only be useful with mathematical modeling as the central pillar of analysis. Based on growing amounts of data, models may be incomplete, yet they are also perfectible. Such trust is essential, since it assumes that fully determined outcomes are possible and that more data can overcome any shortcoming...
Economists would tell you that everything happening is perfectly rational: The efficient market hypothesis of ash cloud flying calls for airline financial ruin, outrageous train prices, and a market for jets at the Dorchester. The market would have predicted it all, if only our models had incorporated Eyjafjallajökull data...
...prophecies; think about a bank run à la Northern Rock: If rumors abound about a bank being illiquid, depositors will self-fulfill the prophecy by queuing to clear their accounts. There is a ‘tipping point’ for bubbles or bursts alike, which explains where market performance is anything but normally distributed. As Nassim Taleb made a career out of showing, we end up having “once in a century” events far more often than that. What economists call “fundamentals” are little more than a mirage, subject...
...very least, if a team spends its efforts wooing big-name players, it must do so with cautious, long-term expectations. The New York Knicks, my dearly beloved hometown team, is ready to splash money around in this summer’s upcoming free-agent market. But perhaps a marquee player like LeBron James is not the sole answer to their problems, just as Cristiano Ronaldo is not a panacea for Real Madrid’s issues. A sports team is, after all, a team, and to pin championship hopes on the individual efforts of star players is a characteristic...
Accepted undergraduates suggested a variety of reasons for the three percent increase in applications. Some cited TFA’s aggressive recruiting effort on campus, while others pointed to the current state of the job market...