John Cochrane Demole Richard Thaler

A bola da vez é behavioral economics, um jabá impressionante que está passando como um trator pela economia acadêmica. Curiosamente ela macaqueia teorias da psicologia e ignora os resultados e insights penetrantes da escola austríaca de Menger e Bohn-Bawerk. Como toda moda intelectual está fadada ao lixo da história, mas antes ela premia seus principais artífices, como Richard Thaler que acabou infiltrado em Chicago. John Cochrane escreve um artigo demolidor das idéias e da atitude de Thaler incluindo esta porrada fenomenal: Most of the Wall Street Journal piece consists of complaining about how people resisted Thaler's early ideas. Really, now, complaining about being ignored and mistreated is a bit unseemly for a Distinguished Service professor with a multiple-group low-teaching appointment at the very University of Chicago he derides, partner in an asset management company running $3 billion dollars, recipient of numerous awards and so on. Note that the inflammatory quotes: “pure heresy” "blood boiling” "Chicago School’s libertarian beliefs" are his. "This was `treacherous, inflammatory territory,' he writes." He writes. An objective history of behavioral finance this is not. And news flash, we ask sharp questions at Fama's seminars too. The nudge for saving experience is good and solid. But the skeptical reader, who does not sing in the choir, wonders: you've been at it three decades, and this is all you've got?