What Idea Did Earl Hunt Propose with Respect to Cognitive

question 3

Essay

What idea did Earl Hunt propose with respect to cognitive artifacts and their influence on the intelligence of an entire nation?

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Definitions:

Bubble

A situation where observed prices soar far higher than fundamentals and rational analysis would suggest.

Crash

A situation where market prices collapse significantly and suddenly.

Money Illusion

The tendency of people to think of currency in nominal, rather than real, terms, thereby neglecting the effect of inflation on purchasing power.

Anchoring and Adjustment

A psychological heuristic where initial information serves as a reference point for future decisions and adjustments.