Seems like lots of people pick elections this way-- how significant is the effect in economics, and how would an Austrian frame/rebut/assert a reflection on the idea?
I’ve always thought this method would give the most accurate judgment of beauty. If this were true, couldn’t that mean (assuming the similarity is strong, as Keynes suggests) that it is also the most accurate method of valuation when the results are accumulated?
If one could gain (i.e. improve one’s situation) by considering other agent’s actions/decisions, one would be well advised to consider them. No one (Austrian or not) has ever proposed anything to the contrary.
I believe Keynes argued that this lead the market to value stocks improperly and that it could result in “a whirlpool of speculation.”
Agreed. I do find it interesting that the statement “beauty lies in the eye of the beholder” might just as correctly be stated: “beauty lies in the eyes of the other beholders”