Re: [Pen-l] Bubble Psychology [was: thinking the unthinkable

["Max Sawicky" <sawicky@xxxxxxxxxxx>]

Under socialism you would have investment choices -- and dilemmas.
In both cases you are sacrificing something useful for an uncertain prospect
with a long lead time.

On Thu, Oct 23, 2008 at 2:25 PM, Carrol Cox <cbcox@xxxxxxxxx> wrote:

Max Sawicky wrote:
>
> Methinks optimism bias is not unique to capitalism.  Just ask Don
> Quixote.

No, of course "optimism in general" (defined, say, as a cheerful view of
expectations) is not unique to capitalism, but I think the kind of
_gambling_ optimism in regard to markets, o-rings, tail pipes, or levees
just might be especially prominenent, or have a intensified 'reach,'
under capitalism. After all, the core of capitalism is the "investment"
-- a gamble on a complex future set of interlocking conditions.

CArrol

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