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IGNORANT SPECULATION AND IMMORAL RISKS:MACHEATHS, TURPINS AND THE COMMERCIAL CLASSES IN NINETEENTH‐CENTURY THEORIES OF ECONOMIC FLUCTUATIONS *
Author(s) -
PEART SANDRA J.
Publication year - 1996
Publication title -
the manchester school
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.361
H-Index - 42
eISSN - 1467-9957
pISSN - 1463-6786
DOI - 10.1111/j.1467-9957.1996.tb00477.x
Subject(s) - speculation , instinct , economics , virtuous circle and vicious circle , order (exchange) , limit (mathematics) , neoclassical economics , positive economics , aggregate (composite) , reflection (computer programming) , keynesian economics , law and economics , macroeconomics , mathematics , finance , computer science , mathematical analysis , materials science , composite material , biology , programming language , evolutionary biology
… it must not be forgotten that the tendencies whose order of progression has been sketched, operate upon the broad aggregate of the commercial investing community,–not upon the exceptional Macheaths and Turpins who infest its ranks, and whose predatory instincts know no orderly succession of phases, but are unchangeably vicious and vigilant. A parallel reflection applies to the suggested remedy. Ameliorate the general mental conditions of commerce, and you proportionately limit the sphere and powers of designing knaves. (Mills, 1867, p. 40).