"Bubble" is a moral evaluation disguised as an economic description.
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Replying to @tonreihe
Conventional economics tends to assume we know, now and for the indefinite future, the entire range of possibilities and their likelihoods.
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Replying to @tonreihe
If this were so, then the sort of thing "bubble" refers to shouldn't happen. Since it does happen, its cause cannot be due ...
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Replying to @tonreihe
... to a failure of knowledge, but must instead be due to a failure of will. Someone must be deceived, or causing deception.
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Replying to @tonreihe
Have you heard the old joke about the weather forecaster and the Indians?
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Replying to @tonreihe1 reply 0 retweets 2 likes
Replying to @anomalyuk @tonreihe
It's a bubble if the chief thinks the forecaster has independent information. It isn't if he really does (even if the info is bad).
5:49 AM - 8 Jul 2017
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