Edward Chancellor writes in Devil Take the Hindmost: ” …the notion of intrinsic value was an oxymoron, since intrinsic suggested an inward quality, while value was always external. For instance, Nicholas Barbon argued that ‘things have no value in themselves, it is opinion and fashion which brings them into use and gives them a value’.”
Compare Nicholas Barbon’s view with what Harshad Mehta said centuries later. Harshad Mehta argued that the price of a share is a function of the market’s perception of the future and not the past.
“plus ça change, plus c’est la même chose”, meaning “the more things change, the more they stay the same”
#RidingTheRollerCoaster – 153