The world is filled with unwise ideas, just take a moment to observe. It seems nearly impossible to go a minute without encountering one. Strikingly, the more flawed the idea, the more it tends to gain traction. Below is a brief compilation of some prevalent misguided concepts…
Rap music, corn ethanol, the United Nations, pop psychology, Obamacare, no-doc neg-am loans, the efficient market hypothesis, super-sized beverages, paper currency, social welfare, skinny jeans, central banking, the Hindenburg disaster, collateralized debt obligations, negative real interest rates, Red Bull energy drinks, legal tender laws, democratic collectivism, fractional reserve banking, the helicopter ejection seat, Al Gore, malt liquor, office cubicles, and a lot more.
Certainly, we could extend this list indefinitely. The collection seems boundless. However, the essence is clear: misguided ideas are everywhere and they enjoy widespread popularity.
Today, we will focus on one particularly egregious idea. So misguided yet alarmingly popular, this concept has been around for quite some time. It truly gained momentum roughly a century ago…
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