Wednesday, January 14, 2009
MIT Blackjack Team Perspective On Financial Crisis
The reason that societies ban pyramid schemes outright, instead of relying on the market to make them unprofitable, is that most people trust their intuition, and their intuition leads them astray. If you were to wait for the market to run its course on a pyramid scheme, the losses could devastate a whole country, as Albanians found out a few years ago.
Posted by Giles Bowkett at 1:26 PM