1. To the extent that reality is what we agree on -- and when it comes to economics and behavior I believe this rounds to true -- a solid group can herd so effectively that uncertainty is little more than a low background noise.
2. There's more than one herd and people can be persuaded to move from one that might be a natural or first home for them to one that promises more. This dynamic is all over capitalism and politics.
Two thoughts about herding.
1. To the extent that reality is what we agree on -- and when it comes to economics and behavior I believe this rounds to true -- a solid group can herd so effectively that uncertainty is little more than a low background noise.
2. There's more than one herd and people can be persuaded to move from one that might be a natural or first home for them to one that promises more. This dynamic is all over capitalism and politics.