Records and rationality

John Maynard Keynes famously said that "markets can remain irrational longer than you can remain solvent"

In the time I’ve been writing this blog (about four years), compliance rates in at least one tier of Australian government have slipped from somewhere around 30% to somewhere less than 10% (according to the Australian National Audit Office).

For most professional groups, a 30% compliance rate would be deemed an almost total failure.

It would lead to a complete re-examination of how they did things and set off a wave of experimentation to try and find practices that work (because the ones that got them to 30% clearly don't).

And now we're at less than a third of that.

To avoid change in the face of overwhelming evidence is completely irrational.

Has anything changed?