Remember the “bezzle?” If you don’t, now is almost certainly the time to look it up. Economist John Galbraith initially introduced the idea as representing the gap between what assets look like they’re worth and what they’re actually worth. Real wealth versus what he called “psychic wealth.” At the time he was thinking of actual embezzlement, of bad faith and fraud, with the period of psychic wealth as being the perfectly happy time in which “the embezzler has his gain and the man who has been
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Why Your ‘Psychic Wealth’ May End in a Nightmare
