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The Risk Virus?

July 6, 2009 | RSS | EMAIL | PRINT | 2 COMMENTS

Highlighting some recent conversation and research The New York Times Economix Blog asks an awesome questions: "Could economic theory, historically dominated by men, possibly overstate the benefits of risk-taking and competition?"

They follow that up with the acknowledgment that it would be really tough to figure out an easy experiment to get at the answer, but it still seems worth thinking about. I admittedly don't know much about economics (whatever you can learn from reading some blogs for about six months and a few books that are tangentially related at best), but it's interesting to think about the role of economic education in the market. What if everyone who is trained in economics and managing massive amounts of money in the market is working off the same flawed view of risk? Crazy to think about a major inefficiency existing in the education system and therefore spreading itself like a virus through the industry.

Tags: economics, risk


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COMMENTS

1Michael galpert

http://tedr.tumblr.com/post/136086158/i-spent-a-quarter-century-as-a-professor-at-the harvard professor, shoshana z who says she has failed bc she educated all these managers who have failed. sorry for brevity on my iPhone

July 6, 2009

2Will

I see this subject raised a lot in adbusters: schools of economics that are believed with a religious fervor to be accurate. There are a lot of smart people working in the sector with alternatives, though, it is very hard for them to gain traction for their ideas. Clearly our current economic engines aren't as efficient as we'd like, but the political climate is not condusive to problem solving.

July 7, 2009