A Quote by John Maynard Keynes
A conventional valuation which is established as the outcome of the mass psychology of a large number of ignorant individuals is liable to change violently as the result of a sudden fluctuation of opinion due to factors which do not really make much difference to the prospective yield; since there will be no strong roots of conviction to hold it steady.
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There's a lot of research that suggests that organic yields are close or superior to conventional yields depending on factors like climate. In a drought year an organic field of corn will yield more - considerably more - than a conventional field; organic fields hold moisture better so they don't need as much water. It simply isn't true that organic yields are lower than conventional yields.
What am I to choose? "Choose what you please, as long as you choose." There you have a foolish answer, which seems to be the outcome, however, of all Dogmatism, which will not allow us to be ignorant of that which we are ignorant.
The psychology of a language which, in one way or another, is imposed upon one because of factors beyond one's control, is very different from the psychology of a language which one accepts of one's free will.
Until there are tangible metrics for quantifying the real value of a token's utility, the gap between value and valuation will continue to defy conventional wisdom and conventional valuation methods.
Its [the anthropological method] power to make us understand the roots from which our civilization has sprung, that it impresses us with the relative value of all forms of culture, and thus serves as a check to an exaggerated valuation of the standpoint of our own period, which we are only too liable to consider the ultimate goal of human evolution, thus depriving ourselves of the benefits to be gained from the teachings of other cultures and hindering an objective criticism of our own work.
The conception that government should be guided by majority opinion makes sense only if that opinion is independent of government. The ideal of democracy rests on the belief that the view which will direct government emerges from an independent and spontaneous process. It requires, therefore, the existence of a large sphere independent of majority control in which the opinions of the individuals are formed.
It's my belief that, since the end of the Second World War, psychology has moved too far away from its original roots, which were to make the lives of all people more fulfilling and productive, and too much toward the important, but not all-important, area of curing mental illness.
The 'public' is a phantom, the phantom of an opinion supposed to exist in a vast number of persons who have no effective interrelation and though the opinion is not effectively present in the units. Such an opinion is spoken of as 'public opinion,' a fiction which is appealed to by individuals and by groups as supporting their special views. It is impalpable, illusory, transient; "'tis here, 'tis there, 'tis gone"; a nullity which can nevertheless for a moment endow the multitude with power to uplift or destroy.
If men of eminence are exposed to censure on one hand, they are as much liable to flattery on the other. If they receive reproaches which are not due to them, they likewise receive praises which they do not deserve.
In a world where the threat is asymmetrical, where the weak defy the strong, the power of conviction, the capacity to convince, the ability to sway opinion count as much as the number of military divisions.
Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation of minority interest positions, is of little or no importance in valuing a controlling interest.
Though much is taken, much abides; and though We are not now that strength which in old days Moved earth and heaven, that which we are, we are; One equal temper of heroic hearts, Made weak by time and fate, but strong in will To strive, to seek, to find, and not to yield.
Many young people now end a discussion with the supposedly definitive and unanswerable statement that such is their opinion, and their opinion is just as valid as anyone else's. The fact is that our opinion on an infinitely large number of questions is not worth having, because everyone is infinitely ignorant.
The difference between a man who is led by opinion or emotion and one who is led by reason. The former, whether he will or not, performs things of which he is entirely ignorant; the latter is subordinate to no one, and only does those things which he knows to be of primary importance in his life, and which on that account he desires the most; and therefore I call the former a slave, but the latter free.
The history of a battle, is not unlike the history of a ball. Some individuals may recollect all the little events of which the great result is the battle won or lost, but no individual can recollect the order in which, or the exact moment at which, they occurred, which makes all the difference as to their value or importance.
Personally, I’ve gotten so that I now use a kind of two-track analysis. First, what are the factors that really govern the interests involved, rationally considered? And second, what are the subconscious influences where the brain at a subconscious level is automatically conclusions in various ways — which, by and large, are useful — but which often malfunction? One approach is rationality… And the other is to evaluate the psychological factors that cause subconscious conclusions — many of which are wrong.
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