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David Dodd

David Dodd is a Reader contributor. See staff page for published articles.

The Stock Market Roller Coaster

On the major tracks, races are seldom rigged. Exceptions are trainers that give horses illegal supplements. It happens at times. Savvy players learn to use that as a variable in such instances, or else not to bet races where such suspected trainers enter a horse. I would say this: there is more transparency on a big race track than in the markets. I would also say that anyone who devotes a mountain of their time studying the markets will be able to overcome the shenanigans. I think this is even more easy at the track. In a capitalist society, everything is rigged to some point. I think some economists would be better off with a degree in sociology. It is simple, for example, to understand Keynes' theory of consumption or even Friedman's permanent income hypothesis, but both equations rely on human behavior. And neither effectively address profit in terms of a range, or perhaps a playground for such behavior. Simplified, supply and demand doesn't affect either the consumer nor the vendor in theory except as a balanced transaction, but in practice we tend to want to be both successful consumers and successful vendors. This human nature of ours will inevitably lead to some sketchy practices on both sides, regardless of how strictly any entity should try and control it. Critics of Hayek will point to Canada and claim that their robust economy and lack of bank failures is due to strict control and regulation. I'm not convinced that's the case. Rather, Canadian bankers and investors could simply be smarter and more practical than their American counterparts. There are simply not enough variables for the intangible attributes of human behavior.
— December 30, 2011 5:41 p.m.

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