Mass Psychology Supports the Pricey Stock Market
Schiller has some kind of herd theory of the stock market.
There is no 'market' for stocks, why would there be? If I were investing in dairy corporations, I would hang around cow herds.
The market that Schiller talks of, only exists to the extent that common economic constraints ae measured in an aggregate index. We have a name for aggregate statistics in economic, a mass of people making decisions with their psychology. The market delivers the losses and gains of aggregation and is driven mostly by government interactions. It is an inaccurate value chain and a confused economist might think it composed of stampeding herds.
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