Hutton\’s at it again:
I don\’t know whether any economist who believes that markets are rational and incapable of making systemic mistakes still exists.
Don\’t be bloody stupid. No one says that markets don\’t make mistakes. Rather, the thought is that markets correct mistakes faster than any other method of running things.
But markets are very, very stupid. Thank God we have governments.
Governments are more stupid than markets is the point there.