Famous first bubbles : the fundamentals of early manias
The jargon of economics and finance contains numerous colorful terms for market-asset prices at odds with any reasonable economic explanation. Examples include "bubble", "tulipmania", "chain letter", "Ponzi scheme", "panic", "crash", "herding", and "irrational exuberance". Although such a term suggests that an event is inexplicably crowd-driven, what it really means, claims Peter Garber, is that we have grasped a near-empty explanation rather than expend the effort to understand the event
Print Book, English, ©2000
MIT Press, Cambridge, Mass., ©2000