...if you took your economics courses seriously, they would cripple your drive to make a bundle in the business. The Efficient Markets Hypothesis, for example, really does inspire the old joke about the two University of Chicago professors walking down the street who see a $20 bill lying on the sidewalk. They think about picking it up, but keeping walking because it's much more likely that they are both suffering mutual simultaneous hallucinations than that the free market would be so inefficient as to leave a $20 bill lying around.
In contrast, a successful businessman's essential prejudice has to be that his competitors in the market are inefficient knuckleheads who leave money lying around everywhere for him to snatch up.
Monday, February 19, 2007
Steve Sailer Is Good
Steve is one of the most interesting characters in blogging. He presents himself as a drama critic, and he writes very good reviews. He also writes original, well researched social notes. Now it appears he is in fact and economist with an MBA and has real insights such as this: