Show Notes
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 1925
The 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]
Produced by Fraser Allen.
www.libraryofmistakes.com
More from The Library of Mistakes
Join Robbie Mochrie, organiser of our upcoming Weekend Of AI, in conversation with Eve Poole (author of Robot Souls) and Vladimir Maltsev (an ecomomist at the Adam Smith Business School, University of Glasgow). Eve and Vladimir are two of the expert speakers taking part in this exciting three-day event. In this episode, they offer provocative insights into what the rapid advance of AI may mean for students in particular. Recommended listening!
Join Russell Napier in conversation with FT journalist Robin Wigglesworth discussing his fascinating new book on the history of bonds – A Fabulous Debt: The Epic Story of How Bonds Built the Modern World.
Join Robbie Mochrie, organiser of our upcoming Weekend Of AI, in conversation with Chris Stokel-Walker (tech journalist and author of several books, including How AI Ate The World) and Ellie Howard (a commercial and financial operator who specialises in building and scaling technology businesse). Chris and Ellie are two of the expert speakers taking part in this exciting three-day event. In this episode, they offer fascinating insights into what the rapid advance of AI may mean for finance, business and society at large. Recommended listening!
It's back-to-school time for everyone at Library of Mistakes, Future Asset and Leavers' Money Skills. David Clarke, CEO of Didasko (which runs these three wonderful charities) is back from his summer holidays and brimming with enthusiasm as he looks forward to our autumn events. But first, we're excited to introduce you to our new Librarian, Emily Holmes. Discover what's already caught Emily's eye on the Library of Mistakes bookshelves, what her plans are and why she's no stranger to an ice cream scoop. Presented and produced by Fraser Allen & Leila Johnston. www.libraryofmistakes.com
Many of our listeners are interested in what financial history can tell us about the returns of financial assets – and particularly of equities. We are therefore delighted as Sandy Nairn and Michael O’Connell join Russell Napier to discuss their new paper for the University of Strathclyde – ‘What Does Shareholder Wealth Creation Tell Investors?’. Michael is an Accountancy and Finance Researcher at the University of Strathclyde. Sandy is Executive Director of Global Opportunities Trust plc, and was previously Chairman of Templeton Global Equity Group and Chief Investment Officer of Scottish Widows Investment Partnership. You can download the full report here: www.libraryofmistakes.com/blog/what-does-shareholder-wealth-creation-tell-investors