Andrew Leonard is right on this, as far as he goes; massive computer power didn't rein in Wall Street greed. In fact, many trading programs were "gamed," "rigged," or otherwise tweaked inside some of these companies.
But, to not use this as a starting point for a talk on behavioral economics is just not excusable, Andrew. Any economic theorizing that doesn't incorporate elements of it is still stuck in the 20th century.
No comments:
Post a Comment