We like to think that economics is a cool rational way to look at society and that markets are a way for thought to make decisions based on explicit criteria of value.
But look at the way the market really works. Buying stocks or cars or cereal –
for example, the ads for cars mostly have a car moving way too fast, spinning out of control, control regained in a landscape of boulders and ditches, ice or mud, places none should drive, but this is the appeal to the potential buyer. We call this rational?
If we opened up “preferences” to the emotional then economics might be more interesting – and useful.