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3min chapter
Radical Uncertainty - Mervyn King
The Joe Walker Podcast
The Role of Narratives in Speculative Bubbles
We are as a species in part the product of group selection and things which are seemingly irrational at the individual level might actually scale up to be collectively rational so we should never talk about rationality without referring to the scale yes given your flattering account of human rationality where does this leave speculative bubbles? It's never easy to identify speculative bubbles while they're going on because there is always the argument that I am confident I can get out before the bubble bursts therefore it's rational to join it. People can construct a narrative where they say to themselves you know there is a speculative bubble but nevertheless I'm more confident than other people, he says.
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