Incredible shock at The Guardian!

Are stock markets stupid?

The crisis on the eurozone has not stopped the FTSE, Cac and Dax climbing for most of the past three months

The shock being that they actually manage to get to the right answer. Stock markets measure the prospect of profits for large companies, not the general health of the wider economy.

Wonders will never cease, eh?

3 comments on “Incredible shock at The Guardian!

  1. Are stock markets anything? Collectively or individually. I’m not sure whether this is reification or anthropomorphism. It is wrong, anyway.

    Like them insisting that “the markets” make errors. Except that there actually organisations which are the various stock markets. I wouldn’t ascribe them any behavioural characteristics, though.

  2. SE: The Exchanges are the organisations; the markets are an organism — or perhaps more aptly, an ecosystem. They can behave and respond to conditions, in a similar manner, but it is as you say a category error to ascribe any sort of intelligible intentions to an ecosystem.

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