Famous first bubbles : the fundamentals of early manias / Peter M. Garber.
2000
HG6005 .G37 2000
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Details
Title
Famous first bubbles : the fundamentals of early manias / Peter M. Garber.
Author
Garber, Peter M.
ISBN
9780262273497 (electronic bk.)
0262273497 (electronic bk.)
0262072041 (hc ; alk. paper)
9780262072045 (hc ; alk. paper)
0262273497 (electronic bk.)
0262072041 (hc ; alk. paper)
9780262072045 (hc ; alk. paper)
Publication Details
Cambridge, Mass. : MIT Press, ©2000.
Language
English
Description
1 online resource (xi, 163 pages) : illustrations, map
Call Number
HG6005 .G37 2000
Dewey Decimal Classification
332.63/228
Summary
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.In this book Garber offers market-fundamental explanations for the three most famous bubbles: the Dutch Tulipmania (1634-1637), the Mississippi Bubble (1719-1720), and the closely connected South Sea Bubble (1720). He focuses most closely on the Tulipmania because it is the event that most modern observers view as clearly crazy. Comparing the pattern of price declines for initially rare eighteenth-century bulbs to that of seventeenth-century bulbs, he concludes that the extremely high prices for rare bulbs and their rapid decline reflects normal pricing behavior. In the cases of the Mississippi and South Sea Bubbles, he describes the asset markets and financial manipulations involved in these episodes and casts them as market fundamentals.
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Source of Description
OCLC-licensed vendor bibliographic record.
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