Magical Thinking and Trends
The opposite of scientific thought (game theory as one aspect of statistics) is a far less logical range of ideas collectively referred to as magical thinking. This describes casual relationships between events and subsequent responses or actions, which are not justified in a rational manner. Success due to good luck tokens, repetitive actions, and compulsive assumptions is widely believed and practiced, but it is not scientific.
Assumed correlations between ritual and result defy statistical observation, the application of the scientific knowledge, inquiry, and objective analysis. Even so, the market culture is characterized by frequent examples of magical thinking or, as it is often called, wishful thinking. To ...
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