Stock market bubbles don't grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.

The reality is that financial markets are self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium.

Stock market bubbles don't grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.

I put forward a pretty general theory that financial markets are intrinsically unstable. That we really have a false picture when we think about markets tending towards equilibrium.

A lot of the evil in the world is actually not intentional. A lot of people in the financial system did a lot of damage without intending to.

Market fundamentalists recognize that the role of the state in the economy is always disruptive, inefficient, and generally has negative connotations. This leads them to believe that the market mechanism can take care of all the problems.