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.

Liberalism downplays certain of our moral senses: loyalty, authority, and sanctity.

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

There is more uncertainty than usual about job futures because computers are replacing more and more human intelligence, and globalization is proceeding at an accelerating pace.

The ability to focus attention on important things is a defining characteristic of intelligence.

Somehow, talking to young students brings you back to reality - it should, anyway.