A year ago, the naysayers expressed concern about the economy’s low industrial output. Quite right, especially when it was growing overall.

Recent data show that the economy has not only caught up, but in fact increased this output. And not even a whimper from the same naysayers! This is not right. An economist can’t explain such a phenomenon, and has to ask the help of a psychologist. Which I am now doing.

To my mind comes Pareto’s prophecy over a century ago that one day the laws of all socialsciences would be deduced from the principles of psychology.

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