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The excerpt represents the core issue or deciding factor on which you must meditate, and is drawn from The Crowd by Gustave le Bon: economic proceeding involves an amount of foresight of which the
masses are incapable.
The example which precedes is of the simplest. Its appositeness
will be easily perceived. It did not escape the attention of
such a psychologist as Napoleon, but our modern legislators,
ignorant as they are of the characteristics of a crowd, are
unable to appreciate it. Experience has not taught them as yet
to a sufficient degree that men never shape their conduct upon
the teaching of pure reason.
Many other practical applications might be made of the psychology
of crowds. A knowledge of this science throws the most vivid
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