Irrationality

A couple of weeks ago I spent a day down at the Tech School where I got to see some terrific stuff they are trying to put together. They had robots with cool eyebrows, and big 3-D models of ho my opinions differed from everyone else.

The main speaker was Dan Ariel who wrote a new book about how people really don't make rational decisions, even about money.

So, I went up to him and I said "Duh."

And he said that economic theory is based on the belief that people are rational and will act in their best interest.

Like who they allow to beat them up when they're married I said.

He looked at me kind of strange and worried.

So then I said, like trading Credit Default Swaps.

Then he knew what I was talking about.


Dr. Phil tells people, rationally, with common sense, what they should do.

Nobody really listens to him either.

But he made $96,000,000

and he doesn't even have a license.