And it should be recognized that the importance of human behaviour does not imply that economic systems necessarily have to be prone to instability.
In fact, the very existence of behavioural uncertainty may tend to create a set of institutions, as well as conventions and habits, which help to deal with the problems highlighted in Keynes’ “beauty context” example and ensure the stability of the main economic processes, as emphasized by Herbert Simon.14 Still, I believe, more attention should be paid to how to account for learning in the crucial adjustment periods that follow extreme events that cannot be simply taken as random extractions from a stable, even if non-normal, probability distribution.