
“Reality is never a golden age.”
Source: Economic Heresies (1971), Chapter III, Interest and Profit, p. 47
Source: The Worldly Philosophers (1953), Chapter VIII, Thorstein Veblen, p. 224
“Reality is never a golden age.”
Source: Economic Heresies (1971), Chapter III, Interest and Profit, p. 47
BuzzFlash interview (2004)
Context: Stock market bubbles don't grow out of thin air. They have a solid basis in reality — but reality as distorted by a misconception. Under normal conditions misconceptions are self-correcting, and the markets tend toward some kind of equilibrium. Occasionally, a misconception is reinforced by a trend prevailing in reality, and that is when a boom-bust process gets under way. Eventually the gap between reality and its false interpretation becomes unsustainable, and the bubble bursts.
Source: The Four Pillars of Investing (2002), Chapter 1, No Guts, No Glory, p. 6.
“Every golden age is as much a matter of disregard as of felicity.”
Source: The Amazing Adventures of Kavalier & Clay
“In love, as in finance, only the rich can get credit.”
Dans un mois, dans un an (1957, Those Without Shadows, translated 1957)
“Lost golden ages can be very effective tools for motivating people in the present.”
p.61
Source: Theory of Economic Dynamics (1965), Chapter 8, Entrepreneurial Capital and Investment, p. 93