I agree with Jim that a full-blown homo economicus is nuts, because I think that "our" practices, properly articulated, would support this judgement. Speaking of rationality, did people catch the WSJ article on Robert Citron, Orange County's erstwhile Treasurer? Apparently he was loony-tunes and had been for some time. When his huge bet that interest rates would fall became questionable as rates rose last Fall, he explained to the oversight board why this would be reversed: "We do not have the large inflationary wage increases, runaway building both in homes, commercial and those tall glass-office buildings. Few, if any, tall office buildings are being built.." The reporter asked the source whether this sort of pretzel logic didn't worry the Board---no, because he'd always "reasoned" this way, and they'd been raking it in earlier! Well I think we need more evidence on this: e.g., in DC, where there are height restrictions on buildings, are interest rates lower? Kevin Quinn [EMAIL PROTECTED]
