A commonplace book: an old-fashioned literary diary for recording interesting items from reading you've done. I use mine to record snippets from reading, conversation and life in general. (The early 2003 entries are from a period some years ago -- before the blog age -- when I tried an online commonplace book as a straight web page.)
Uncertainty about the future—not irrationality or stupidity—makes crowds prone to calamity in both finance and politics, particularly under conditions of significant anxiety. Markets are no more self-correcting than a mob hailing a demagogue.
Zachary D.Carter in The Price of Peace
[Keynes argued that] money...was an inherently political tool. It was the state that determined what substance—gold, paper, whatever—actually counted as money—what “thing” people and the government would accept as valid payment. The state thus created money and had always regulated its value.... The very idea of capitalism required active state economic management—the regulation of money and debt.
Zachary D.Carter in The Price of Peace
It is not a correct deduction from the principles of economics that enlightened self-interest always operates in the public interest.
John Maynard Keynes, The End of Laissez-Faire, as quoted by Zachary D.Carter in The Price of Peace
