Source: Quantum Reality - Beyond The New Physics, Chapter 10, Quantum Realities: Four More, p. 194
“The legend of King Midas has been generally misunderstood. Most people think the curse that turned everything the old miser touched into gold, leaving him unable to eat or drink, was a lesson in the perils of avarice. But Midas’s true sin was his failure to understand monetary economics. What the gods were really telling him is that gold is just a metal. If it sometimes seems to be more, that is only because society has found it convenient to use gold as a medium of exchange—a bridge between other, truly desirable, objects. There are other possible mediums of exchange, and it is silly to imagine that this pretty, but only moderately useful, substance has some irreplaceable significance.”
"The Gold Bug Variations", Originally published in Slate (Nov. 23, 1996)
The Accidental Theorist: And Other Dispatches From The Dismal Science (1998)
Help us to complete the source, original and additional information
Paul Krugman 106
American economist 1953Related quotes
“The male has a negative Midas Touch - everything he touches turns to shit.”
Source: SCUM MANIFESTO (1967), p. 5 (hyphen (not en- or em-dash) so in original).
1980s and later, Interview in Silver & Gold Report (1980)
“See ye not, Courtesy
Is the true Alchemy,
Turning to gold all it touches and tries?”
The Song of Courtesy https://www.gutenberg.org/files/1381/1381-h/1381-h.htm#page129, IV (1859).
“Labor is the true alchemist that beats out in patient transmutation the baser metals into gold.”
Source: Dictionary of Burning Words of Brilliant Writers (1895), p. 367.
“What dares not impious man for cursed Gold!”
The Works of Publius Virgilius Maro (2nd ed. 1654), Virgil's Æneis
“1154. Content is the Philosopher’s Stone, that turns all it touches into Gold.”
Compare Poor Richard's Almanack (1758) : Content is the Philosopher’s Stone, that turns all it touches into Gold.
Introductio ad prudentiam: Part II (1727), Gnomologia (1732)