We all know that during the 2008 crisis, widespread panic led to massive fund withdrawals and asset sales, deepening the recession. Although the crisis was "multicausal," the "emotional narratives" generated significant fear, serving as a key trigger in these events. In other words, perception, scattered market information, and subjectivity—aspects highlighted by thinkers of the Austrian School of Economics—revealed their darker side.
Today, despite there being a significant difference compared to 2008 (in terms of the information available to people in real time), I do believe we face a bigger problem: illiteracy in verifying information and critically analyzing reality.
At the start of Covid-19, millions of people rushed out in droves to buy toilet paper. For what? Exactly: disinformation, fear... Orwell described it almost with precision in "1984."
How vulnerable are we currently to large media outlets and monopolies?
