We Have Always Lived in the Casino
John Maynard Keynes warned that when real investment becomes the by-product of speculation, the result is often disaster. But it’s hard to tell where one ends and the other begins.
Illustration by Yann Bastard
Speculators may do no harm as bubbles on a steady stream of enterprise,” John Maynard Keynes wrote in the twelfth chapter of The General Theory of Employment, Interest, and Money, the best thing ever written on speculative markets. “But the position is serious when enterprise becomes the bubble on a whirlpool of speculation. When the […]
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