You might think the market falling 1,175 points might offer an excellent lecture in classic economics, but it's behavioral economics that offers the teachable moment.

Remember those optical illusions that used to tease you as a kid? Is it an old woman or a young woman? Is it a vase or two faces? Or anything by Escher?

In each of these cases, we have two contraries existing simultaneously. The one you see depends on the one you’re looking for. There’s no way to empirically prove the existence of one while denying the other. It all depends on how you frame the picture.

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