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Famous First Bubbles

By Garber, Peter M.

Famous First Bubbles book

Famous First Bubbles

By Garber, Peter M.

Only 1 item left in stock
Description
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.
Product details
Binding:
Paperback
Edition:
1
Number of Pages:
176
Release Date:
2001-08-24
Publication Date:
2001-08-24
Publisher:
MIT Press
Languages:
Original: English
ISBN10:
0262571536
ISBN13:
9780262571531
Minimum Reading Age:
18
Maximum Reading Age:
99
Weight:
236 g
Height:
137 cm
Width:
203 cm
Thickness:
11 cm

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The items bear minimal signs of past use, such as light scratches or memories in the form of markings. These signs of wear give the items a charming character and tell stories of their previous owners, while not affecting their functionality.
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