The Importance of Rationality in Markets

Joseph Knollwalker: We shouldn't talk about rationality without referring to the particular scale. He says when each is trying to do best for themselves, the group does best. But in asset markets then there's slippage from that and it may be destabilizing eventually. The Jolly Swagman podcast airs fortnightly on BBC Radio 4 at 9am GMT (10am ET)