RIP Daniel Kahneman, who in one of the few nobel prizes awarded for non-orthodox economics, demonstrated that the standard assumption of rational market behaviour so misunderstood people's real motivations and actions as to render much economics too distant from real economic relations to be truly useful.
As he once said, his work relieved economics of 'an unrealistic conception of reality'...
#economics #markets
One of the first economists who made sense to me.
Midwits have interpreted his Thinking Fast and Slow (and most of the Behavioral Economics) as a call to arms against the intuition and common sense.
In the subsequent years, it was almost guaranteed that any mention of the world "bias" comes hand in hand with a technocratically planned solution. Behavioral Econ became just a justification for the central planning.
Fortunately, it has phased out, and we're living in the uprising of the left curve in last years.
I think Kahneman must have been enjoying this rebalancing.
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