There was an Op-Ed in the WSJ recently with this title. One message is that business might be looked at as a "center of magical thinking" for several reasons. Some talk about group think, and how some type of convergence goes on in a collective's mentality. In business many times, those who might ask questions are suppressed (or, those who do are thought of as mere commodity, beyond the glamor and allure of the game). Ah, guy, you're not a team player, the questioner is told. We've seen that a lot.
This issue essentially was addressed earlier in a slightly different framework. But, that these issues might get the attention of psychology can be thought of as encouraging.
One might ask how this could be handled operationally, since management has the power and the authority to control thoughts. Well, some type of structure that allows critical thinking would be a start, not unlike some attempts at a technical excellence fellowship.
This applies as well to the gaming of the Wall Street and Chicago, but there are many culprits related to the latest bubble's creation.
But, sales is of this ilk. What salesman is truthful about quirks? So, too, those who were caught in the house ownership mania were no doubt happy talked.
Happy talk has sibs, fairy dust and happy thinking (to be defined).
07/31/2013 -- Ben cannot unwind or taper down; he has too many Doves.
03/23/2012 -- Ben is doing a series of four lectures on his, and the FED's, role.
10/10/2011 -- The public is recognizing that we've been 'fairy dusted' the past few years. Was it meant to be a means of cover-up? Hopefully, Big Ben is seen to be as much of a culprit.