Jacques Ellul Quotes
Mass media provides the essential link between the individual and the demands of the technological society.
An economic bubble occurs when the investing public with little logic and facts to support it actions exhibits great enthusiasm and overvalues some kind of asset with the logic that the price is going up and someone later will pay more than I just did—sometimes called the “greater fool theory”. Historically Fama claims that there were no bubbles until there were media to whip up the irrational enthusiasm necessary for a bubble to take place. Capitalist history is full of bubbles ranging from real estate, to tulips; from silver to dot com shares. The damage is always great to the people at the end who are stuck with the object of the bubble which few people want any more. In the period before the bubble, lots of people make money contributing to the demand for the object of the bubble.
Jacques Ellul was a French philosopher, sociologist, lay theologian, and professor who was a noted Christian anarchist. Ellul was a longtime Professor of History and the Sociology of Institutions on the Faculty of Law and Economic Sciences at the University of Bordeaux. A prolific writer, he authored more than 60 books and more than 600 articles over his lifetime, many of which discussed propaganda, the impact of technology on society, and the interaction between religion and politics.