This is an excerpt from a fascinating September 30, 2009 article entitled; Bring Economic Theory Back Down To Earth – Harold Meyerson
Psychology affects value as much as rational calculation does. Thus the state must ensure against periodic madness in the markets with regulations and social insurance, because madness is a potential threat in markets just as it is in other human endeavors — because the market is a human endeavor, not reducible to a mathematical construct. – Harold Meyerson
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