October 29th, 2010

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Extended version of Retrans Blog Post

From Man Pants to Wonk Pants, this is the Wetmachine version.

this took freaking forever to get up because my server kept trashing versions. I must have spent 4 hours just reformating and re-editing. Glad it's up tho. I keep getting asked for the details on this stuff.
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Worshiping The Gods of the Market Place - Free Market Economists And Cognitive Disonance

This OpenLeft piece summarizes this article which studied whether a strong belief in laissez faire economics (BLFs) impacts the objectivity of analysis of the causes of the financial crisis of 2008. Cognitive dissonance theory predicts that when real-world events “disconfirm” deeply-held beliefs this creates psychological discomfort in persons and they will respond by means of distortion and denial. The author, Adam Kessler, concluded that BLFs showed signs of cognitive dissonance when analyzing the causes and "lessons learned" from the 2008 financial crisis.
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