Daniel Callahan is Director, International Program, The Hastings Center, and a Senior Fellow at the Harvard Medical School. He is the author, most recently, of What Price Better Health? Hazards of the Research Imperative.
The worse economic fundamentals and forecasts become, the more mysterious stock-market outcomes in the US appear. At a time when genuine news suggests that equity prices should be tanking, not hitting record highs, explanations based on crowd psychology, the virality of ideas, and the dynamics of narrative epidemics can shed some light.