# What economists and Mormons have in common | Gary Stevenson and Abby Innes Source: https://www.youtube.com/watch?v=xfPf65ZX__w Recap page: https://rapidrecap.app/video/xfPf65ZX__w Generated: 2025-08-28T14:03:25.534+00:00 --- ## Quick Overview Economists and Mormons share a common trait: they both tend to believe in what they're told, even if it's not entirely true, leading to a self-perpetuating cycle of belief and behavior. Gary Stevenson, a former trader and anti-inequality activist, argues that this "herd mentality" is evident in both financial markets and religious communities, where individuals often follow established narratives or groupthink rather than critical analysis. **Key Points:** - Economists and Mormons are both characterized by a tendency to believe what they are told, creating a self-perpetuating cycle of belief, according to Gary Stevenson. - Stevenson likens this phenomenon to "herd mentality," observed in both financial markets and religious communities, where individuals often follow established narratives over critical thought. - He suggests that people in elite spaces, like economists or those raised in strict religious environments, may be conditioned to accept certain beliefs without questioning them. - The "effective markets hypothesis" in economics, which posits that markets are efficient and prices reflect all available information, is presented as an example of a widely accepted belief that may not always hold true. - Stevenson draws a parallel to religious dogma, suggesting that unquestioning faith can lead to similar outcomes where accepted narratives are maintained despite evidence to the contrary. - He implies that this tendency to 'believe what you're told' can lead to individuals not fully understanding the systems they are part of, whether financial or social. ![Screenshot at 00:00: Gary Stevenson, an anti-inequality activist and former trader, is shown speaking, setting the stage for his discussion on the similarities between economists and Mormons.](https://ss.rapidrecap.app/screens/xfPf65ZX__w/00-00-00.png) **Context:** Gary Stevenson, an anti-inequality activist and former trader, discusses his observations on the similarities between economists and Mormons in their shared tendency towards belief in established narratives. He posits that this phenomenon, which he terms "herd mentality," influences decision-making and behavior in both financial markets and religious communities, leading individuals to accept prevailing beliefs without critical examination. The discussion touches upon the economic concept of efficient markets and draws parallels to the unwavering faith often found in religious upbringings. ## Detailed Analysis Gary Stevenson, a former trader and anti-inequality activist, posits that economists and Mormons share a striking similarity: a tendency to believe what they are told, which perpetuates a cycle of belief and behavior. He likens this to "herd mentality," a concept he argues is prevalent in both financial markets and religious communities. In economics, Stevenson points to the "effective markets hypothesis" as an example of a widely accepted belief that may not always align with reality, suggesting that economists, like those raised in strict religious environments, can be conditioned to accept certain narratives without critical scrutiny. He further suggests that this uncritical acceptance can lead individuals to operate within systems without fully understanding their underlying mechanisms. Stevenson argues that this "herd mentality" is not exclusive to economists; he observes it in the political left as well, where individuals may adopt certain ideas and refuse to question them. He uses the analogy of a "bull market" in finance, where optimism can lead to a collective belief in continuous growth, similar to how religious adherents might maintain faith in the face of contradictory evidence. The core of his argument suggests that a shared psychological predisposition towards accepting group narratives, rather than independent critical thinking, is a common thread linking these seemingly disparate groups. ### Core Analogy - Economists and Mormons share a tendency to "believe what they are told," exhibiting herd mentality. ### Economic Parallel - The "effective markets hypothesis" is cited as an example of an economic belief that may be accepted uncritically. ### Religious Parallel - Unquestioning faith in religious dogma is compared to the acceptance of economic theories. ### Behavioral Tendency - Individuals in elite spaces or strict environments may be conditioned to accept narratives without scrutiny. ### Societal Impact - This tendency can lead to a lack of understanding of the systems people operate within. ### Political Observation - Similar herd mentality is noted in the political left, where certain ideas are adopted without questioning. ![Screenshot at 00:00: Gary Stevenson, an anti-inequality activist and former trader, is shown speaking, setting the stage for his discussion on the similarities between economists and Mormons.](https://ss.rapidrecap.app/screens/xfPf65ZX__w/00-00-00.png) ![Screenshot at 00:01: A wide shot shows Stevenson and Abby Innes on a stage with a large screen displaying graphics related to finance and Bitcoin, indicating the context of their discussion.](https://ss.rapidrecap.app/screens/xfPf65ZX__w/00-00-01.png) ![Screenshot at 00:21: Abby Innes, identified as a political economist, is shown speaking, likely elaborating on economic theories or concepts.](https://ss.rapidrecap.app/screens/xfPf65ZX__w/00-00-21.png) ![Screenshot at 00:45: Gary Stevenson, identified as an anti-inequality activist and former trader, is shown speaking, likely sharing his personal experiences or perspectives.](https://ss.rapidrecap.app/screens/xfPf65ZX__w/00-00-45.png) ![Screenshot at 01:11: A wider view of the stage and audience, showing the setting for the discussion.](https://ss.rapidrecap.app/screens/xfPf65ZX__w/00-01-11.png) ![Screenshot at 02:21: Abby Innes is shown with her name and title displayed, emphasizing her role as a political economist.](https://ss.rapidrecap.app/screens/xfPf65ZX__w/00-02-21.png) ![Screenshot at 04:45: Gary Stevenson is shown speaking, making a point with his hands, likely illustrating his arguments.](https://ss.rapidrecap.app/screens/xfPf65ZX__w/00-04-45.png) ![Screenshot at 09:27: Close-up on audience members reacting, one person is laughing, suggesting engagement with the speakers' points.](https://ss.rapidrecap.app/screens/xfPf65ZX__w/00-09-27.png) ![Screenshot at 10:03: Abby Innes is shown making a gesture, possibly emphasizing a point in her argument.](https://ss.rapidrecap.app/screens/xfPf65ZX__w/00-10-03.png) ![Screenshot at 11:03: An end screen appears with "IAI The Institute of Art and Ideas" logo and "CONTINUE WATCHING" text, suggesting the end of the segment and a call to action.](https://ss.rapidrecap.app/screens/xfPf65ZX__w/00-11-03.png)