Note 41 — Chapter I · THE PRIMARY CAUSE OF RECURRING PAROXYSMS OF INDUSTRIAL DEPRESSION.
Reading edition
It is astonishing how in a new country of great expectations speculative prices of land will be kept up. It is common to hear the expression, “There is no market for real estate; you cannot sell it at any price,” and yet, at the same time, if you go to buy it, unless you find somebody who is absolutely compelled to sell, you must pay the prices that prevailed when speculation ran high. For owners, believing that land values must ultimately advance, hold on as long as they can.