In 2015, the so-called pharma bro Martin Shkreli vaulted to the top of America’s Most Despised list. How? By crowing about how his company hiked the price of a vital drug by more than 5,000 percent.
Similar to most economists, I don’t usually have much to say about stocks. Stocks are even more susceptible than other markets to popular delusions and the madness of crowds, and stock prices generally have a lot less to do with the state of the economy or its future prospects than many people think. As economist Paul Samuelson put it, “Wall Street indexes predicted nine out of the last five recessions.”