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The problem is dumb consumers and thick people who dont think when they trade.
What objective evidence do you have to back up this pure assumption?
On the other hand, if you need proof that people are irrationally exuberant and unintelligent, then the evidence for this is bountiful. Let's start with the 2001 stock market. Even now you see people buying up SUV's and homes in outer suburbia. There is no win-win situation here. Too many unwitting people are getting suckered in to a lose and lose-big situation.
Yes, I know your economics teacher pounded the dogma into your head about the hypothetical two intelligent persons hammering out a fair deal in a "free market". But the whole fairy tale is just that. How much "free" information do you think McDonalds gives out to the hoards who line up behind its counters thinking they are buying hamburger "meat" when in fact they are being sold redigested soylent green? Madison Avenue is all about brainwashing not about intelligent transactions with win-win outcomes. Get real.
COPY:
It is a falsity to assert that people are "rational" and/or "intelligent" when they conduct a transaction.
What objective evidence do you have to back up this pure assumption?
On the other hand, if you need proof that people are irrationally exuberant and unintelligent, then the evidence for this is bountiful. Let's start with the 2001 stock market. Even now you see people buying up SUV's and homes in outer suburbia. There is no win-win situation here. Too many unwitting people are getting suckered in to a lose and lose-big situation.
Yes, I know your economics teacher pounded the dogma into your head about the hypothetical two intelligent persons hammering out a fair deal in a "free market". But the whole fairy tale is just that. How much "free" information do you think McDonalds gives out to the hoards who line up behind its counters thinking they are buying hamburger "meat" when in fact they are being sold redigested soylent green? Madison Avenue is all about brainwashing not about intelligent transactions with win-win outcomes. Get real.
We would be very poor if they did not exist, we are not poor.
We might become poor if too few think before they act or if they have to shortsighted goals.
I have both read this in textbooks and observed it in ordinary day to day life. It is obviously important in every scale of economical activity.
Regarding hamburgers there is written material about the nutritient value of the hamburgers in the McD i bicycle past daily. The factory for making most of the meat patties(?) for Sweden is situated in my town. I have not visited it, only the butchery next door too it. And I know how most of the farms selling the beef used are being run. Most of them are like my fathers farm were but the trend is to bigger more automated units with better facilities but less human oversight. This is also fairly well documented for people who care to look. But still, I choose to most often buy less well documented hamburgers in small hamburger bars since they often are spiced better. Rational or irrational of me? I do at least get my meal and reward those who spice well.