Additionally, it argues that these bubbles may actually be beneficial, as they allow for largescale capex at cheap financing that is required for the future. We reaped the benefit of the railway infrastructure of the 1870s long after the bubble had burst.
Agreed on the Pastor-Veronesi paper.
Additionally, it argues that these bubbles may actually be beneficial, as they allow for largescale capex at cheap financing that is required for the future. We reaped the benefit of the railway infrastructure of the 1870s long after the bubble had burst.
Beautifully said