'..easy, cheap credit fools entrepreneurs into believing that society's collective time preference has fallen..'<blockquote>'An increase in the amount of real savings, which induces a fall in the interest rate and a lengthening of the production schedule, increases an economy's productive capacity, creating genuine growth brought about by the investment in higher-order goods such as factories and other production assets.
Conversely, easy, cheap credit fools entrepreneurs into believing that society's collective time preference has fallen, enticing them into investing in higher-order goods, such as land, factories, and the like — when in fact the collective time preference hasn't changed, and the demand for higher-order goods is merely a mirage. The result is booms and busts rather than genuine growth.
- Doug French,
The Higher-Education Bubble Has Popped, August 10, 2011</blockquote>
Context<blockquote>
'..few are learning to think and write..'Academically Adrift: Limited Learning on College Campuses'For one, I think academic preparation before entering college has become ineffective and needs substantial reform. In addition, I think society has changed so much that new methods of teaching, learning, and organization need to be developed in order to better reach the needs of today's students.'
- Michael's
review, Aug 12, 2011
Learning - Spontaneous, Complexity, Electricity - The Unique Individual</blockquote>