Financial alchemists and financial shamans.
Behavioral and Brain Sciences January 2018 DOI: 10.1017/s0140525x17002096 (opens in new tab)
Study at a glance
AI-extracted from the abstract| Characteristics | Theoretical or philosophical paper Peer reviewed |
|---|---|
| Key points | Argues that professional money managers can be understood as "shamans of the global economy," cultivating perceptions of superhuman traits, maintaining grueling initiation rituals, and relying on esoteric divination rituals, which the author proposes helps explain their high pay despite apparently requiring little skill. Contends that an anthropological view of markets usefully supplements economic and psychological approaches. |
Abstract
Professional money management appears to require little skill, yet its practitioners command astronomical salaries. Singh's theory of shamanism provides one possible explanation: Financial professionals are the shamans of the global economy. They cultivate the perception of superhuman traits, maintain grueling initiation rituals, and rely on esoteric divination rituals. An anthropological view of markets can usefully supplement economic and psychological approaches.