Financial Capitalism v. Industrial Capitalism http://michael-hudson.com/1998/09/financial-capitalism-v-industrial-capitalism/ (September 3, 1998)
Michael-Hudson.com, 1998-
“In the Treatise we are shown the bond-market as it exists in real life: a speculative market where a price, with an identity and a momentary stability, can only exist if there are two camps of dealers holding opposite views of the impending movement of bond prices.”
Source: Epistemics and Economics. (1972), p. 162
Help us to complete the source, original and additional information
G. L. S. Shackle 8
British economist 1903–1992Related quotes
Autobiographical Essay (2001)
“Fortune is like the market, where many times, if you can stay a little, the price will fall.”
Of Delays
Essays (1625)
The Alchemy of Finance: Reading the Mind of the Market (1987)
Context: Economic theory is devoted to the study of equilibrium positions. The concept of equilibrium is very useful. It allows us to focus on the final outcome rather than the process that leads up to it. But the concept is also very deceptive. It has the aura of something empirical: since the adjustment process is supposed to lead to an equilibrium, an equilibrium position seems somehow implicit in our observations. That is not true. Equilibrium itself has rarely been observed in real life — market prices have a notorious habit of fluctuating.
Source: The Intelligent Investor: The Classic Text on Value Investing (1949), Chapter II, The Investor and Stock-Market Fluctuations, p. 44
In response to the question: The Kremlin says it just charges market prices.
"Q&A: Putin's Critical Adviser," 2005
Source: Economics Of The Welfare State (Fourth Edition), Chapter 4, State Intervention, p. 73