"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
The Speculator's Bootstrap and the Efficient Market
Submitted by Don Stacy on Tue, 2013-01-15 01:00
in
"Hieronymus Carl Friedrich von Münchhausen (1720-1797), also known as Baron von Munchausen, was a German nobleman who returned to his native Braunschweig after two decades of service in the Russian Imperial cavalry in the middle of the 18th century. He used to entertain dinner parties with deliberately caricatural tall stories of his adventures in far-flung lands. One of his exploits has become a much-used metaphor, now called the bootstrap theory, in the teaching of economics."
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