Thursday, September 26, 2013

Bad quotes are like bad pennies

David McWilliams in the Irish Independent yesterday (via Irish Economy) --

The famous English economist, John Stuart Mill, said the following of crashes: "The crash doesn't destroy wealth, it merely reflects the extent to which wealth has already been destroyed by bad investments made in the boom."

We've been there before. It's from proto-Austrian economist John Mills, not John Stuart Mill.