One More Time.
Economics = Psychology.

Time (1130.09) devotes a column to financial market forecasting, in particular to the wisdom of Robert Prechter. Prechter is a man after my own heart. Psychology and sociology rather than "efficiencies" drive the market: "Prechter argues," says Time, "that standard economic models of financial markets depict prices as reflections ... of true value." But Prechter believes that "waves of social mood are the driving factor" of prices.

All I can add is: Amen!
Maybe even: Duh!