"The State of Long-Term Expectation"

This is something I want to have in the archives - it's part of Chapter 12 of Keynes' General Theory - but you might enjoy reading his comments about speculation, bubbles, and other factors that impact the price of a an asset by changing the "state of confidence" (the beauty contest problem and animal spirits are part of the discussion): John Maynard Keynes The General Theory of Employment, Interest and Money Chapter 12. The State of Long-Term Expectation: ...In this chapter we shall consid