HOMAGE TO DARWIN: A LETTER TO THE ECONOMIST (August 3, 2011)

As you report, Aaron Gerow of Trinity College, Dublin, and Mark Keane of University College Dublin have found that financial journalists’ writing becomes more homogenous when markets rise and less so when markets fall (“Word Herd,” July 230, 2011). Surprise, surprise. Humans are herd animals par excellence, and their language cannot but reflect it. It would not take much effort to discover that herds of animals stick together while the going is good and that they disperse when it gets tough. As herd animals, humans cannot be very different in this regard. Language is but a small evolutionary supplement to their behavior. The only surprise in the research you report is that it has taken humans so long to figure out that they are herd animals after all. As well as pretty stupid overall. Economics as a scientific discipline had better rely on our superior understanding of animal behavior as revealed by biology. Homage to Darwin, or what?