Nice article. Of course, Financially Dysfunctional Behaviour (FDB) is far from being a problem of the ill informed and badly advised as Prof Siegal hints at in the foreword. Arguably, the anti-social impact of FDB as practised by "the 1%" is a much bigger problem.
And as Jeremy Grantham explains, investors are at risk of enabling serious environmental and social damage in the name of EMH and fiduciary duty: “we should not unnecessarily ruin a pleasant and currently very serviceable planet just to maximize the short-term profits of energy companies and others". http://www.gmo.com/websitecontent/JG_LetterALL_11-12.pdf
Given that the American Psychiatric Association think Attention Deficit Disorder and Hypersexual Disorder are worthy of inclusion in the new bible of mental illness (DSM-5), isn't there a good case for including FDB too? After all, the social costs are so much greater already and we've only had 0.8 degrees warming and the GFC is far from finished.
Nice article. Of course, Financially Dysfunctional Behaviour (FDB) is far from being a problem of the ill informed and badly advised as Prof Siegal hints at in the foreword. Arguably, the anti-social impact of FDB as practised by "the 1%" is a much bigger problem.
As Paul Wooley and his colleagues have demonstrated, FDB is endemic amongst intermediaries: http://www2.lse.ac.uk/fmg/researchProgrammes/paulWoolleyCentre/pdf/Tami…
And as Jeremy Grantham explains, investors are at risk of enabling serious environmental and social damage in the name of EMH and fiduciary duty: “we should not unnecessarily ruin a pleasant and currently very serviceable planet just to maximize the short-term profits of energy companies and others". http://www.gmo.com/websitecontent/JG_LetterALL_11-12.pdf
Given that the American Psychiatric Association think Attention Deficit Disorder and Hypersexual Disorder are worthy of inclusion in the new bible of mental illness (DSM-5), isn't there a good case for including FDB too? After all, the social costs are so much greater already and we've only had 0.8 degrees warming and the GFC is far from finished.