2min chapter

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Markets And The Madness Of Crowds - Robert Shiller

The Joe Walker Podcast

CHAPTER

Do Animal Spirits Include Both the System 1 and System 2?

Daniel Kahneman advanced a metaphorical way of understanding our cognition in his book Thinking Fast and Slow. I often think that animal spirits include System 1, which is all of Kahneman and Tversky's biases. But it might also be worth hijacking the metaphor and talking about System 3: mimetic desire, conformity, contagion. And I'm wondering why Kahneman didn't do that. He shares a psych department with social psychologists. It's not something that he was...

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