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Causes: Maybe People Are Just Like That
This is the second in my new occasional series of reflections on some of the root causes of the global economic crisis. As is probably evident from the first one, I’m not going to try to identify the...
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Human Nature
Or, why human beings are bad investors. Free Exchange has Anthony Gottlieb’s recollections of interviewing Bernie Madoff about financial regulation: at the time he came across merely as calm,...
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Is It Possible to Detect Bubbles?
On the one hand, it seems obvious; didn’t we all know there was a housing bubble back in 2006? On the other hand, if it’s that easy, why aren’t we all as rich as John Paulson? A while back I suggested...
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CEO Psychology
If you need more reasons to dislike former Bear Stearns CEO Jimmy Cayne, apparently William Cohan’s new book about the fall of Bear gives you plenty more. I’m just judging from the excerpts in Malcolm...
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No No No! It’s Already Priced In!
By James Kwak That was undoubtedly the response of theoretical law and economics devotees to the premature retirement of Kansas City Royals pitcher Gil Meche a few weeks ago, which we discussed in one...
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Is Economics the Problem?
By James Kwak For a class, I recently read “The Psychological Consequences of Money,” a 2006 article in Science by Kathleen Vohs, Nicole Mead, and Miranda Goode. It describes nine experiments testing...
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A Foray into Monetary Policy and Tangentially Related Speculations
By James Kwak Yesterday I wrote an Atlantic column about the bizarre situation that the Federal Reserve is in. Ordinarily, we think central bank independence is important because it permits the bank to...
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Regression to the Mean, JPMorgan Edition
By James Kwak I haven’t been writing about the JPMorgan debacle because, well, everyone else is writing about it. One theme that has stuck out for me, however, has been everyone’s reflexive surprise...
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