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I feel vindicated

A long time ago I took Economics 101 at university and dropped it as a load of bollocks.

I took Economics 101 in my first (or maybe second and last) year at university and quickly became disenchanted by it.

The logic on which a lot of what we were being instructed (I've since learnt was classic Chicago School of Economics) was obviously fallacious.

It was predicated on completely rational economic behaviour, which while somewhat useful for constructing models wasn't going to suffice across broader palettes.

So okay, it's a consistent issue of mine that I don't want to be 'educated' in the basics before being taught where they fail (something I find common in academia). If the basics are wrong I don't want to be conditioned with them at all.

So I was reading Jeremy Grantham's latest Quaterly letter to his investors and he makes the point that the current economic crisis has a lot to do with the fallacious concepts of rational markets and impossibility of irrational market behaviour.

I knew it was all bollocks decades ago.