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Library of Mistakes
EP 20: The Market Mind Hypothesis (with Patrick Schotanus)
Nov 28, 2023
Cognitive economist Patrick Schotanus discusses his book 'The Market Mind Hypothesis' exploring flaws in economics and finance. He challenges the concept of the rational economic man and highlights the connection between markets and minds. The podcast delves into the role of consciousness and inter-subjectivity, explores the relationship between Adam Smith and cognitive economics, and discusses the impact of artificial intelligence on market operators.
01:13:27
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Quick takeaways
- The Market Mind Hypothesis challenges the mechanical paradigm in mainstream economics and emphasizes the importance of understanding the collective consciousness of markets.
- Mainstream economics treats the economy and market as machines devoid of consciousness, leading to policies that overlook the complexities of human mentality and the impact of collective consciousness.
Deep dives
The MMH: A New Approach to Economics
The Market Mind Hypothesis (MMH) is a post-cognitive interpretation of cognitive economics, aiming to revamp the understanding of economics. It focuses on improving our understanding of the financial markets and the collective mindset of investors. The MMH is informed by cognitive science, which recognizes the mind as embodied, embedded, active, and extended. It challenges the flawed mechanical worldview of mainstream economics, which treats individuals and the market as mechanical entities that can be controlled and engineered. The MMH emphasizes the importance of capturing market mood, distinct from market sentiment, to gain a better grasp of the principle of motion of human society in the core of economics.
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