I interviewed Richard Thaler for MiB today. He is known as the father of Behavioral Economics.
Parts of our conversation made me think about this classic comic from SMBC”
Mount Stupid
Source: SMBC
Mount Stupid
June 3, 2015 4:30pm by Barry Ritholtz
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Funny. The Laffer Curve seems to have a Mount Stupid too.
When does this interview appear on the MiB site? I don’t see it while following your link. (I’m checking as of 6am ET on 6/4).
That rise at the left side is not right. I got this from Morgan Housel:
” I’ve learned that there’s a strong correlation between knowledge and humility. People who spend 10 minutes on Google studying monetary policy think they have it all figured out, while people with Ph.D.s and decades of experience throw up their hands in frustration. The more you study economics, the more you realize how little we know about it.”
I don’t understand the line beginning at the origin and coming up to the Mount Stupid peak. Dunning and Krueger did detailed research on this and clearly demonstrated that there should be a significant positive y-intercept value. A straight line from the Y-axis to the current Mount Stupid peak is probably more appropriate. The definitive proof of this can be observed every four years like clockwork in the Presidential primary debates.