[quote=jetonejet]I have a hard time understanding peoples logic
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This is one of the main lessons that economics needs to take away from the current housing/financial crisis. People are not logical! We like to think we are but we just aren’t. Most of our opinions are based on what we hear from others we trust, not on data or real facts. We trust general consensus far more than we trust ourselves to look at data and make up our own minds.
There are incredible social implications to this lack of logic, from marketing to politics, but that’s really a topic for another thread.
