Behavioural Economics

New Zealand Business Roundtable
13 June, 2005

There is a natural cycle in intellectual development. New ideas begin as isolated and idiosyncratic attacks from without. At first, the establishment treats them with scorn. But, as the ideas persist, it is forced to confront the pesky intruders on their merits, which the establishment does with ingenuity and determination. But then the tide of battle turns, and the former outsiders become the new orthodoxy.

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