Word: rationale
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At Harvard, students and faculty alike pride themselves on their intelligence. But sheer intellect alone is never sufficient for sound moral, political, or legal judgment. We also need to cultivate a wide-ranging imagination, emotional sensitivity, and all the other empathetic capacities of the human heart and mind. There is...
Men do not employ their determination and honor to woo girls with mandolins in House courtyards. But we no longer expect this. Instead, we call respect and chivalry patriarchal. Without affirming the virtues of manhood, we “empower” our women by delegitimizing manly pursuit and admiration...
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...
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...
But people’s behavior, clearly enough, is neither rational nor remotely predictable. Neither was the volcanic eruption. Having just attended the inaugural conference of George Soros’s Institute for New Economic Thinking, one thing is clear: The ash cloud over the continent is the perfect metaphor...