EP 20: The Market Mind Hypothesis (with Patrick Schotanus)
Welcome to a special, extended episode recorded live at the Library of Mistakes on 15 November 2023. Cognitive economist and investment 'pracademic' Patrick Schotanus discusses his important new book The Market Mind Hypothesis, with an introduction from Russell Napier. Drawing on the thinking of Adam Smith, The Market Mind Hypothesis touches on key issues in economics, investing, and cognitive science, leading to insights that can improve markets, make investing more sustainable, increase the effectiveness of public policy and benefit society.The two quotes that Patrick refers to in his talk are as follows:"Now the issue, as is plain, relates to the treatment of 'consciousness' in human beings. The essence is [economics'] iniststence that we ignore... the existence of conscousness... In oppositioon to this view, I propose... that we cannot treat human beings as... mechanisms, and that we do not want to do so even if it were possible."Frank Knight 1925The global behavor of the market... is reminiscent of... the emergence of consciousness."Didier Sornette 2003[The Library of Mistakes runs an outstanding course called the Practical History of Financial Markets. To find out more, go to: www.libraryofmistakes.com/course]