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
Link to this post
More quotes by Galbraith, John Kenneth

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.