Last night (at NewsBusters; at BizzyBlog), I noted the total inadequacy of a correction the New York Times made to a notorious William Deresiewicz op-ed ("Fables of Wealth") published on May 12. Deresiewicz originally claimed that "A recent study found that 10 percent of people who work on Wall Street are ‘clinical psychopaths’ … (The proportion at large is 1 percent.)." The study he cited was really of 203 management trainees, the proportion of supposed psychopaths found was 4%, and the study's authors said that generalizing the results in any way to the overall population should not be done. As I asserted, the Times should long ago have pulled the op-ed instead of trying to cure something which is incurable.
Well, it turns out that Deresiewicz completely blew it in interpreting the rest of the alleged foundation of his op-ed, namely English writer Bernard Mandeville's "The Fable of the Bees," leaving the author utterly without any support for his anticapitalist and anticapitalism screed. At his Chequerboard.org blog (HT John Hinderaker at Powerline), Pejman Yousefzadeh performed the clinical dismemberment: