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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Mark Adams who wrote (4689)6/10/2001 4:43:59 PM
From: Ilaine  Read Replies (1) of 74559
 
Very cool article, thanks for the link. It reminds me of something I was reading last night - prior to Adam Smith, people looked on trade as a zero sum game. Smith was the first to articulate the concept that both parties to a transaction felt that they had received an advantage, and probably had.

Which reminds me of something I read this morning - Keynes said, "the ideas of economists and moral philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist."
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