Some of the best theorizing comes after collecting data because then you become aware of another reality.

News media stimulate bubbles, since stories about them boost their audience.

Economists who adhere to rational-expectations models of the world will never admit it, but a lot of what happens in markets is driven by pure stupidity - or, rather, inattention, misinformation about fundamentals, and an exaggerated focus on currently circulating stories.

Can a controlled experiment explain why people like Kewpie dolls in one year, Beanie Babies in another, and American Girl dolls this year? Yet social scientists are asked to answer analogous questions. We economists and perhaps psychologists shouldn't overreact to the derision. That is, we shouldn't try to overlay a false sense of precision on our admittedly squooshy work.

Marketers know that if people you respect - perhaps laughably including entertainers and athletes - say they like a product, you're more likely to buy.

Life's meaning heavily benefits from lifelong bonds.

Money management has been a profession involving a lot of fakery - people saying they can beat the market, and they really can't.