... illustrate this simple lesson with a wonderful quotation from Other People’s Money, by Louis D. Brandeis, first published in 1914. Brandeis, later to become one of the most influential jurists in ... great British economist John Maynard Keynes, written 70 years ago: "It is dangerous . . . to apply to the future inductive arguments based on past experience, unless one can distinguish the ... was." Only if we can distinguish the reasons why the past was what it was, then, can we establish reasonable expectations about the future. Keynes helped us make this distinction by pointing...