Op-Ed Columnist - An Economy of Faith and Trust - NYTimes.com
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In this new body of thought, you get a very different picture of human nature. Reason is not like a rider atop a horse. Instead, each person’s mind contains a panoply of instincts, strategies, intuitions, emotions, memories and habits, which vie for supremacy. An irregular, idiosyncratic and largely unconscious process determines which of these internal players gets to control behavior at any instant. Context — which stimulus triggers which response — matters a lot.
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A thousand mental shortcomings contributed to the financial meltdown. Republicans have tried to explain it by pointing to irresponsible policies at Fannie Mae. But that only explains a piece of what’s happening.
This crisis represents a flaw in the classical economic model and its belief in efficient markets. Republicans haven’t begun to grapple with the consequences.
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