Tyler Goodspeed: Why "Pattern-Seeking Mammals" Blame Bankers Instead of Locusts

Today on The Gist, ExxonMobil Chief Economist Tyler Goodspeed discusses his new book, Recession: The Real Reasons Economies Shrink and What to Do About It. Goodspeed argues that we fundamentally misunderstand economic busts. Because we are "pattern-seeking mammals," we try to frame recessions as the inevitable, moral punishments for greedy economic booms. But historically, economic downturns are actually driven by random, unpredictable shocks—from the 2001 dot-com bust to a literal plague of locusts in the 1870s. Plus, breaking down the …