All tagged Daniel Kahneman
Economic development will have occasional failures as by-products of its progress. The optimal “experimental failure” level in a country is non-zero.
No true change and reform is straightforward. But markets, in almost all cases, prefer stability and the status quo – what is going on in Malaysia may be anathema to markets.
We are hardwired to attribute causality to patterns that we observe, and going against that wiring will be difficult. But we have to start somewhere.
For any given individual, the narratives we tell ourselves about how the world works or how events play out becomes our ‘truth’ and can very easily take precedence over facts.