The Value of Everything (US) by Mariana Mazzucato

Author:Mariana Mazzucato
Language: eng
Format: epub
Publisher: PublicAffairs
Published: 2018-09-11T00:00:00+00:00

SHORT-TERMISM AND UNPRODUCTIVE INVESTMENT

In the Great Depression of the 1930s, long before financialization entered the modern lexicon, Keynes observed that:

[most] expert professionals, possessing judgment and knowledge beyond that of the average private investor… are, in fact, largely concerned, not with making superior long-term forecasts of the probable yield of an investment over its whole life, but with foreseeing changes in the conventional valuation a short time ahead of the general public.18

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