Homo Economicus Paradox (Part II)
That the mere act of being "rational" has an intrinsic cost often seems to be missed. This should be astounding. Latency and cost profoundly complicate what it is implied by being a "rational" actor. Not only have we established that every human is faced with nearly infinite choices at every moment…
Jack Bogle, Oligopsony, and Capitalism (Part I)
When a daring pioneer passes on to what we wistfully refer to as "the other side", I find it only natural that we have a public retrospective. The words I feel obliged to write are not mere pleasantries.…
Homo Economicus Paradox (Part I)
In my last dispatch, I laid out a plan to explore how the application of consensus economic theory to public policy has gone astray. Today, I’ll begin tackling a fundamental tenet of economic thinking: the rational investor. Economists rarely admit this assumption is troublesome…
Embarking on a Journey of Inquiry
For years, I have read prevailing economic consensus with considerable bemusement. "Keep my own counsel", I would oft repeat. Pillorying prominent academics is unwise, I brooded. Yet, my reticence to speak must be cast aside. Economics is no longer a mere academic topic.…