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Kyla Scanlon
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In This Economy?: How Money & Markets Really Work
by
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published
2024
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11 editions
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“Just as the value of money is a collective belief, the behavior of every market is determined by the collective decisions of millions of investors based on their perceptions of reality. Markets reflect the foibles (and triumphs!) of human behavior and decision-making.”
― In This Economy?: How Money & Markets Really Work
― In This Economy?: How Money & Markets Really Work
“Money is a tool, but it’s also a symbol. It’s sort of like the luxury wine sector, which is a trillion-dollar-a-year industry even though many people can’t taste the difference between low- and high-quality, cheap and expensive, red and white wines. As Samuel Hammond, a senior economist at the Foundation for American Innovation, tweeted, “Wine seems to just be a well-studied microcosm of how human beliefs and desires work more generally. Namely, that they’re socially mediated, easily falsified, unconsciously influenced by cues of status and distinction, and relatively impervious to rational self-reflection.”
― In This Economy?: How Money & Markets Really Work
― In This Economy?: How Money & Markets Really Work
“There’s a short memoir called The Crane Wife by C. J. Hauser. Hauser had recently broken off an engagement and headed to Texas to study whooping cranes for a novel. This is what she says: Here is what I learned once I began studying whooping cranes: only a small part of studying them has anything to do with the birds. Instead we counted berries. Counted crabs. Measured water salinity. Stood in the mud. Measured the speed of the wind. It turns out, if you want to save a species, you don’t spend your time staring at the bird you want to save. You look at the things it relies on to live instead. You ask if there is enough to eat and drink. You ask if there is a safe place to sleep. Is there enough here to survive? (Author’s emphasis.)”
― In This Economy?: How Money & Markets Really Work
― In This Economy?: How Money & Markets Really Work
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