tag:blogger.com,1999:blog-7366878066073177705.post3561046281107362515..comments2024-02-09T18:16:45.614+00:00Comments on The Psy-Fi Blog: Saving the Appearances (of Standard Finance)timarrhttp://www.blogger.com/profile/06254802085744425067noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-7366878066073177705.post-86928124840034289282015-01-04T21:47:42.129+00:002015-01-04T21:47:42.129+00:00Your omitting to mention Owen Barfield is telling....Your omitting to mention Owen Barfield is telling. If standard economic theory and its implications are a form of idolatry, and responsible conscious choice is to reject it in favor of something nearer conscious figuration (behavioral finance) - all ideas from "Saving the Appearances" - we run into a number of problems. First, we now know choice is largely unconscious and unconsciously influenced. Second, the EMH/MPT are mathematically tractable, while BE/BF are not (as they require at least second order cybernetics and can be even more recursive as Keynes noted). Third, investing, being historical - changes over time - and dealing in valuations, engages moral thinking. Far from standard economics being a morality free zone, it pronounces its morality on everyone/thing and pretends it is objective truth. (Good/More/Higher/Clean is Up; Bad/Less/Lower/Dirty is Down.)<br /><br />There is much work to be done.Charles Faulknerhttp://higherleveltrading.com/noreply@blogger.com