Out of context, from Who are this ‘we’ of which you speak, Tyler Cowen?
Fisher Black, as Cowen has interpreted him, suggests that since investors’ views over the short-term are not independent of one another, patterns of aggregate investment can be systematically mistaken for a while in ways that seem surprisingly obvious in retrospect.
Yeah, recently I wrote this:
Keynes said, "It is astonishing what foolish things one can temporarily believe if one thinks too long alone." It is true, to be sure. But it is equally true that one may think foolish things because one thinks too much in the company of others, and the meme spreads like measles, spreads like the plague.
Patterns of economic analysis, systematically mistaken.
The Lucas mistake, surprisingly obvious in retrospect.