Financial Alchemists and Financial Shamans
Forthcoming, Behavioral & Brain Sciences
4 Pages Posted: 26 Sep 2017
Date Written: September 24, 2017
Abstract
Professional money management appears to require little skill, yet its practitioners command astronomical salaries. Singh’s theory of shamanism provides one possible explanation: Financial professionals are the shamans of the global economy. They cultivate the perception of superhuman traits, maintain grueling initiation rituals, and rely on esoteric divination rituals. An anthropological view of markets can usefully supplement economic and psychological approaches.
Keywords: financial professionals, money management, cognitive illusions, shamanism, anthropology, psychological biases
JEL Classification: D91, E7, G24, G4, G41, J31, Z13
Suggested Citation: Suggested Citation