Nobel For Economics: Herd Mind

The winner of the Nobel for economics explained his approach in an interview on PBS. He feels data indicates that the markets are driven by emotion, not reason. He noted it was odd that the other winners of the same prize had contradictory philosophies.

It’s also odd that emotion drives action is a revelation. Sometimes it seems academia is an extension of the pop culture, saying the obvious, but using academic guild talk.

The realization that the markets are driven by emotion is something of which we are all aware. The idea has been sanctified now by a prize. But it has seemed to me lately that this insight into reality, that human beings are principally driven by emotion, that they find reasons afterward, has become more and more obvious.

Benjamin Franklin: “The nice thing about being a reasonable creature is that you can find a reason for anything you want to do”.

It has always been assumed the arts are driven by emotion, but the art world to a large extent affects intellect now. It’s conceptual, you know. Certainly from the political to the scientific to the pop culture, it’s all herd mind.

Tocqueville noted this tendency toward consensus in America. Maybe for the center to hold in so diverse a country it’s better if everyone keeps their own counsel and just agrees with…whatever. But if you have the right to have an opinion, why not express it? You know: a right unused is a right that can evaporate.

Aspiring to being logical, intellectual creatures, is more a pipe dream now, with the internet driving the herd more quickly and packing it more tightly, more irrationally, more extremely. What really drives the world now is psychology and the chaos system of group interaction; it’s Id all the time, everytime.

Hasn’t it always been that way though? cf. Shakespeare.