tag:blogger.com,1999:blog-13350090.post6387649989363335675..comments2023-09-27T22:27:23.668+10:00Comments on The Social Primate: Micro versus MacroThe Profhttp://www.blogger.com/profile/15533966147860845810noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-13350090.post-70803419803428522562008-03-25T04:00:00.000+10:002008-03-25T04:00:00.000+10:00I agree with your point that people often run into...I agree with your point that people often run into trouble disputing macro phenomena using individual behaviors as evidence. However, I'm not sure what to make of the criticism aimed at economists making comments such as "people are selling out of fear that oil prices will rise next week." Certainly, some individuals might be selling for other reasons or not selling at all, but I don't see that this invalidates the point - the economist presumably realizes that his explanation does not cover every possible cause, but it's true that key variables such as oil prices can be very important explanatory factors. To claim that evidence of some people selling for non-oil related reasons invalidates the point seems to make the same error as the people using anecdotal evidence to refute logical conclusions of research. Furthermore, while it's true that for every buyer there is a seller, it does not follow that selling pressure always or even usually equals buying pressure - indeed, these imbalances are what makes markets move.Anonymousnoreply@blogger.com