Cycle Quotes - page 4
It takes a full sixty years for the Cold Arrow Bamboo to go through the cycle of flowering, seeding, dying and for the seeds to sprout, grow, and flower. According to Buddhist teachings on transmigration this would be exactly one kalpa. "Man follows earth, earth follows sky, sky follows the way, the way follows nature, don't commit actions which go against the basic character of nature, don't commit acts which should not be committed." "Then what scientific value is there in saving the giant panda?" I ask. "It's symbolic, it's a sort of reassurance―people need to deceive themselves. We are preoccupied with saving a species which no longer has the capacity for survival and yet on the other hand we're changing ahead and destroying the very environment for the survival of the human species itself."
Gao Xingjian
The 'new theory of money and the cycle' which is spoken of in the opening paragraph is of course Hayek's. It was from Hayek that I began - where I got to will be seen. Even at the end, I was minimising my differences from Hayek. I could do so because, as I have elsewhere explained (Economic Perspectives, p. 141n), I still thought, like Pigou and Robertson, and Hayek, but by that time unlike Keynes, that 'we were talking about fluctuations, which, since they did not result in complete collapse or complete explosion, could not have engendered an expectation of going on forever. Booms could then be considered as times of high prices, slumps as times of low prices - with regard to some norm, which throughout the which throughout the fluctuations would not be changed, or not much changed'.
John Hicks