TAILIEUCHUNG - Capitalistic Musings

Economics - to the great dismay of economists - is merely a branch of psychology. It deals with individual behaviour and with mass behaviour. Many of its practitioners sought to disguise its nature as a social science by applying complex mathematics where common sense and direct experimentation would have yielded far better results. The outcome has been an embarrassing divorce between economic theory and its subjects. The economic actor is assumed to be constantly engaged in the rational pursuit of self interest. This is not a realistic model - merely a useful approximation. According to this latter day - rational - version of the dismal science, people refrain from repeating their mistakes. | Capitalistic Musings 1st EDITION Sam Vaknin . Editing and Design Lidija Rangelovska Lidija Range lovska A Narcissus Publications Imprint Skopje 2003 First published by United Press International - UPI Not for Sale Non-commercial edition. 1 2002 2003 Copyright Lidija Rangelovska. All rights reserved. This book or any part thereof may not be used or reproduced in any manner without written permission from Lidija Rangelovska - write to palma@ or to vaknin@ Visit the Author Archive of Dr. Sam Vaknin in Central Europe Review http authorarchives vaknin archive vaknin Visit Sam Vaknin s United Press International UPI Article Archive - Click HERE ISBN 9989-929-37-8 http http http Created by LIDIJA RANGELOVSKA REPUBLIC OF MACEDONIA 2 C O N T E N T S I. Economics - Psychology s Neglected Branch II. The Misconception of Scarcity III. The Roller Coaster Market - On Volatility IV. The Friendly Trend V. The Merits of Inflation VI. The Benefits of Oligopolies VII. Moral Hazard and the Survival Value of Risk VIII. The Business of Risk IX. Global Differential Pricing X. The Disruptive Engine - Innovation XI. Governments and Growth XII. The Distributive Justice of the Market XIII. The Myth of the Earnings Yield XIV. Immortality and Mortality in the Economic Sciences XV. The Agent-Principal Conundrum XVI. The Green-Eyed Capitalist XVII. The Case of the Compressed Image XVIII. The Fabric of Economic Trust XIX. Scavenger Economies Predator Economies XX. Notes on the Economics of Game Theory XXI. Knowledge and Power XXII. Market Impeders and Market Inefficiencies XXIII. Financial Crises Global Capital Flows and the International Financial Architecture XXIV. War and the Business Cycle XXV. America s Current Account Deficit XXVI. Anarchy as an Organizing Principle XXVII. Narcissism in the Boardroom XXVIII. Is Education a Public Good XXIX. The Demise of the Work

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