When you see reference to a new paradigm you should always, under all circumstances, take cover. Because ever since the great tulipmania in 1637, speculation has always been covered by a new paradigm. There was never a paradigm so new and so wonderful as the one that covered John Law and the South Sea Bubble – until the day of disaster.

John Kenneth Galbraith (1908-2006) Canadian-American economist, diplomat, author
In B. Laurance, W. Keegan, “Galbraith on crashes, Japan and Walking Sticks”, The Observer (21 Jun 1998)

Added on 11-Apr-08 | Last updated 26-Oct-11
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