Making culture rational … with power

A survey of academic writing on the business of culture will show that authors seldomly restrain themselves from making predictions or giving recommendations to the hypothetical economic actor. This offering of future-oriented arguments to an audience should not be surprising. The disciplines of economics, business, management studies and public policy teach people to theorize market … Continue reading Making culture rational … with power

#93 Black Narcissus. Dirs., Michael Powell and Emeric Pressburger

The shooting of Black Narcissus at Pinewood Studios, London, England is partly what makes the film so beautiful. For the audience to believe that St. Faith, the new school and hospital for a small Indian village, is situated high up in the Himalayas, giant matte paintings created an illusion that green valleys were thousands of … Continue reading #93 Black Narcissus. Dirs., Michael Powell and Emeric Pressburger

Hollywood’s mantra: “Nobody knows anything”

Your movie turned out the be a flop? "Nobody knows anything". You mistakenly believed consumers wanted to see a movie set in the 1920s? "Nobody knows anything". You thought your casting decisions were going to be loved by all? "Nobody knows anything". "Nobody knows anything"–this was the opening line of Adventures in the Screen Trade, … Continue reading Hollywood’s mantra: “Nobody knows anything”

With Great Power Comes Great Fear

Blair Fix writes about some of my research. The subject is not directly related to cinema, but readers might be interested nonetheless.

Economics from the Top Down

Over the last year, I’ve watched with horror and amusement as health agencies around the world flip-flopped their advice on how to deal with COVID.

My horror comes from knowing this flip-flopping breeds mistrust in science. But I am (morbidly) amused because I know that uncertainty is a basic part of real research. For the public, ‘science’ tends to mean authoritative knowledge. But for researchers, ‘science’ is an iterative process, filled with wrong turns, new evidence, and revised ideas.

With COVID flip-flops in mind, I thought I’d tell you a story about science in progress. It’s a story about how we should understand the stock market.

Three stories about the stock market

Here are three stories about how the stock market works.

The first story says that the stock market reflects the productivity of the underlying economy. When stocks go up, the thinking goes, everyone should celebrate because the tide…

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