There is nothing better for a man than that he should eat and drink, and make his soul enjoy pleasure for his labour. This also I saw, that it is from the hand of God.

A man can do nothing better than to eat and drink and find satisfaction in his work. This too, I see, is from the hand of God.

Не во власти человека и то благо, чтобы есть и пить и услаждать душу свою от труда своего. Я увидел, что и это - от руки Божией.

Не в том ли благо для человека, чтобы ел он и пил и позволял душе своей изведать счастье в трудах? Понял я, что это дается лишь рукою Божьей.

ru_translate@lj

ломит голову
на ледяном ветру ...
гора Хигаши

Rationality is a property of equilibrium. By this I mean that rationality is habitual and experience-based and it becomes effective as it becomes embedded in the rules of thumb and collective wisdom of market participants. Rules of thumb approximate rational decision rules as market participants become familiar with an economic environment. Individuals per se are not very rational; shift the equilibrium enough so that the old rules of thumb no longer apply and we are likely to see bubbles, manias, panics and crashes. Significant innovation is thus almost always going to come accompanied with a wave of irrationality. When we shift to a significant, new equilibrium rationality itself is not strong enough to tie down behavior and unmoored by either reason or experience individuals flail about liked naked apes - this is the realm of behavioral economics. Given time, however, new rules of thumb evolve and rationality once again rules but only until the next big innovation arrives.

vi_z@lj