Title: The Psychology of the Market Place
Product review: This is fundamentally a psychological interpretation of the relevance of the variable Too Big To Fail(TBTF) on the interactions of policymakers and the banking system. Although the authors do not stress their analysis as a psychological approach their analysis as a psychological approach is a compelling example of a Skinnerian analysis of reinforcements contingencies. It provides a compelling analysis about the causes and effects on TBTF. on both the national and international economies. It recommends essentially a carefully controlled use of incentives and to a lessor extent punishment to reduce both the need for and expectations of TBTF. The contrast between the recommendations of Stern & Feldman in 1994 and the present state off fiscal chaos through contiguous extremes of reward and punishment exerted upon the market by policymakers defies the shaping of not only rational behavior but lends credence to the claim of a "manic depressive market" and why.
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