Sure, academics can engage in mental gymnastics that allows them to believe what they want to believe. Like other people, they can be lazy and use System 1-
https://observer.com/2017/09/what-is-sy ... you-do-it/ - to form opinions, and then assemble arguments to support those opinions.
That said, I stand by my view that Young is no fantasist. I think that he is pretty rigorous and honest in his approach (though, like everyone else, fallible).
As for people saying that theirs is the 'common sense' view - beware of falling into the trap of saying 'it's common sense, innit?', rather than critically evaluating your assumptions, as what's obviously true to you might not be true at all. You see this in the markets - people make all kinds of untested assumptions about what is true in the markets (which is arguably what keeps the market alive - who would bet if they thought they were just giving money away?), which often turn out to be false.
Jeff
Trader Pat wrote: ↑Sat Jan 16, 2021 4:16 pm
SweetLyrics wrote: ↑Sat Jan 16, 2021 4:12 pm
You may disagree with Toby Young - that's fine - but he is a highly logical and intelligent man, not a fantasist. I guess you'd have to be to get a first from Oxford.
Reminds me off something I read a while back:
https://pubmed.ncbi.nlm.nih.gov/19733444/