3 ms·
> A bubble is an objectively irrational shared belief in a better potential future … but that doesn’t just describe someone bidding up asset prices; it also des
by nitwit005 5y ago
> A bubble is an objectively irrational shared belief in a better potential future … but that doesn’t just describe someone bidding up asset prices; it also describes anyone who chooses to build that kind of future.
Feels like they're redefining the term to be all encompassing. Normally something like Apple investing in R&D, and deciding to make the iPhone wouldn't be an "asset bubble".
- danielmarkbruce 5y agoExactly right. "The definition of X is Y. Y is actually good because blah blah". It's terrible.
- kemitchell 5y agoHe didn't just generalize it. He heaped on positive connotation. Bad thing is good because we've defined it to be good. The only concession is that it's irrational. But flip that around, the implication is that the irrationality is good. Here is a theory that lets me feel good about undeniable mass irrationality. Speculation is speculation. Sure it's all fine and dandy…when by luck it works out okay.
- hoseja 5y ago> Bad thing is good because we've defined it to be good. That literally defines popular morality. There is no other definition of good and bad besides cultural consensus.