Richard Murphy talking with John Christensen About Rational Agency in Economics

This is a very interesting discussion. I've just been reading Wade Davis' Beneath The Surface of Things and the resonance with this is almost violent. See Slave Compensation Act of 1837 and Railway Mania:

During the British Railway Mania, which occurred between 1843 and the autumn of 1845, the prices of railway shares doubled, and thousands of new railway lines were projected.

Then see Andrew Odlyzko's The railway mania of the 1860s and financial innovation:

The 1860s witnessed Britain’s third, and last, large railway mania. Although it added about as much mileage to the rail network as the great Railway Mania of the 1840s, little is known about it in modern literature. This paper documents how this mania managed to delude investors into pouring immense sums into the expansion of a public infrastructure. It did so by stealth, by introducing a variety of “financial innovations” reminiscent of those involved in the Global Financial Crisis of 2008.

See Richard Murphy talking with John Christensen About Capital and Capitalism. 

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