Dice Have No Memory
Big Bets and Bad Economics from Paris to the Pampas
by:
William Bonner
in:
Economics
Summary:
The book offers a critical examination of economic policies and financial systems, drawing on historical examples to argue that large-scale economic interventions often lead to unintended consequences. It uses anecdotes and case studies from various countries to illustrate the unpredictability of markets and the folly of relying on economic forecasting and government planning.
Key points:
1. Overconfidence in Control: Bonner criticizes the belief that economies can be controlled by policymakers, comparing it to the randomness of dice rolls.
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