The most vivid recent example shows that the boring economic impact occurred at the end of last month, when amateur traders (many of whom were followers of the Reddit forum “Wall Street Stakes”) joined GameStop’s stock, a low-priced retailer. These investors pushed their stocks to astronomical highs before returning to the ground.
One of their motivations is that they can stick to the idea of a hedge fund, which once bet GameStop will fall. Part of the reason is boring.
“I’m bored, I have 8k of free funds, what I can invest in, this will bring at least a little profit,”
On Thursday, the House Financial Services Committee held a controversial hearing on the GameStop legend. The focus is on market volatility and stock trading, but some witnesses admitted that they may encounter this situation because people have a lot of time at hand.
Jennifer Schulpe, director of financial supervision research at the Cato Institute, listed several factors that may attract amateur traders into the open market, proving that “more time at home during the pandemic may even play a role.”
Of course, during the pandemic, millions of people are busier than ever. Nurses, grocery store employees, and other basic workers have hardly experienced lock-in tedious work. Women who leave work to take care of children who cannot go to school are often exhausted and overwhelmed. They attend Zoom classes, dinners and bedtime every day. Many families mourn their loved ones. This is a painful and painful change.
In some ways, boredom is a luxury, and those who have no time and no time will experience it.
And some people get bored more easily than others. Daniel Hamermesh, an economist at Barnard College, said, for example, people who live alone are more likely to be bored.