1004:
1279:, which are unaffected by prices. Reflexivity asserts that prices do in fact influence the fundamentals and that these newly influenced sets of fundamentals then proceed to change expectations, thus influencing prices; the process continues in a self-reinforcing pattern. Because the pattern is self-reinforcing, markets tend towards disequilibrium. Sooner or later they reach a point where the sentiment is reversed and negative expectations become self-reinforcing in the downward direction, thereby explaining the familiar pattern of boom and bust cycles. An example Soros cites is the
1648:
1417:(especially speculative and/or Ponzi investments, but not exclusively so), which leads to a crisis of consumer (and investor) confidence that may result in a financial panic and/or financial crisis. If there is a monetary authority like a central bank, it may take measures to soak up the liquidity in the financial system in an attempt to prevent a collapse of its currency. This may involve actions like bailouts of the financial system, but also others that reverse the trend of monetary accommodation, commonly termed forms of 'contractionary monetary policy'.
1712:
1029:
53:
1518:
compensation. The typical short-term focus of U.S. equity markets exacerbates the risk for investment managers that do not participate during the building phase of a bubble, particularly one that builds over a longer period of time. In attempting to maximize returns for clients and maintain their employment, they may rationally participate in a bubble they believe to be forming, as the likely shorter-term benefits of doing so outweigh the likely longer-term risks.
1610:, and that bubbles represent a rise over that fundamental value, which must eventually return to that fundamental value. There are chaotic theories of bubbles which assert that bubbles come from particular "critical" states in the market based on the communication of economic factors. Finally, others regard bubbles as necessary consequences of irrationally valuing assets solely based upon their returns in the recent past without resorting to a rigorous
880:
868:
1576:) β with very large holdings and capital reserves could instigate a market bubble by investing heavily in a given asset, creating a relative scarcity which drives up that asset's price. Because of the signaling power of the large firm or group of colluding firms, the firm's smaller competitors will follow suit, similarly investing in the asset due to its price gains.
1456:
can find greater fools to pay up for the overvalued asset. The bubbles will end only when the greater fool becomes the greatest fool who pays the top price for the overvalued asset and can no longer find another buyer to pay for it at a higher price. This theory is popular among laity but has not yet been fully confirmed by empirical research.
3090:
1593:
which expands the dominant firm's distribution chain). If the bubble-instigating party is itself a lending institution, it can combine its knowledge of its borrowers' leveraging positions with publicly available information on their stock holdings, and strategically shield or expose them to default.
1386:
and the central bank's efforts to raise or lower short-term interest rates are to one's view on the creation, inflation and ultimate implosion of an economic bubble. Explanations focusing on interest rates tend to take on a common form, however: when interest rates are set excessively low (regardless
1485:
Overbidding on certain assets will at some point result in uneconomic rates of return for investors; only then the asset price deflation will begin. When investors feel that they are no longer well compensated for holding those risky assets, they will start to demand higher rates of return on their
1481:
is projecting historical data into the future on the same basis; if prices have risen at a certain rate in the past, they will continue to rise at that rate forever. The argument is that investors tend to extrapolate past extraordinary returns on investment of certain assets into the future, causing
2811:
1517:
managers, are compensated and retained in part due to their performance relative to peers. Taking a conservative or contrarian position as a bubble builds results in performance unfavorable to peers. This may cause customers to go elsewhere and can affect the investment manager's own employment or
1381:
by a central bank may attribute an 'expansionary monetary policy' to that bank and (should one exist) a governing body or institution; others who believe that the money supply is created endogenously by the banking sector may attribute such a 'policy' to the behavior of the financial sector itself,
1529:
is the prospect that a party insulated from risk may behave differently from the way it would behave if it were fully exposed to the risk. A person's belief that they are responsible for the consequences of their own actions is an essential aspect of rational behavior. An investor must balance the
1455:
states that bubbles are driven by the behavior of perennially optimistic market participants (the fools) who buy overvalued assets in anticipation of selling it to other speculators (the greater fools) at a much higher price. According to this explanation, the bubbles continue as long as the fools
1420:
These measures may include raising interest rates, which tends to make investors become more risk averse and thus avoid leveraged capital because the costs of borrowing may become too expensive. There may also be countermeasures taken pre-emptively during periods of strong economic growth, such as
1376:
According to the explanation, excessive monetary liquidity (easy credit, large disposable incomes) potentially occurs while fractional reserve banks are implementing expansionary monetary policy (i.e. lowering of interest rates and flushing the financial system with money supply); this explanation
1287:
Soros has often claimed that his grasp of the principle of reflexivity is what has given him his "edge" and that it is the major factor contributing to his successes as a trader. For several decades there was little sign of the principle being accepted in mainstream economic circles, but there has
1283:
nature of lending, that is, the willingness of banks to ease lending standards for real estate loans when prices are rising, then raising standards when real estate prices are falling, reinforcing the boom and bust cycle. He further suggests that property price inflation is essentially a reflexive
1239:
and parts of the United States in recent times, as an example of this effect. When the bubble inevitably bursts, those who hold on to these overvalued assets usually experience a feeling of reduced wealth and tend to cut discretionary spending at the same time, hindering economic growth or, worse,
1091:
bubble is characterised by tangible investments and the unsustainable desire to satisfy a legitimate market in high demand. These kind of bubbles are characterised by easy liquidity, tangible and real assets, and an actual innovation that boosts confidence. The injection of funds into the business
1421:
increasing capital reserve requirements and implementing regulation that checks and/or prevents processes leading to over-expansion and excessive leveraging of debt. Ideally, such countermeasures lessen the impact of a downturn by strengthening financial institutions while the economy is strong.
1325:
Puzzlingly for some, bubbles occur even in highly predictable experimental markets, where uncertainty is eliminated and market participants should be able to calculate the intrinsic value of the assets simply by examining the expected stream of dividends. Nevertheless, bubbles have been observed
1432:
to identify bubbles. Typically the collapse of any economic bubble results in an economic contraction termed (if less severe) a recession or (if more severe) a depression; what economic policies to follow in reaction to such a contraction is a hotly debated perennial topic of political economy.
994:
In the early stages of a bubble, many investors do not recognise the bubble for what it is. People notice the prices are going up and often think it is justified. Therefore bubbles are often conclusively identified only in retrospect, after the bubble has already popped and prices have crashed.
1416:
Economic bubbles often occur when too much money is chasing too few assets, causing both good assets and bad assets to appreciate excessively beyond their fundamentals to an unsustainable level. Once the bubble bursts, the fall in prices causes the collapse of unsustainable investment schemes
1116:
bubble is characterised by intangible or credit based investments with little ability to satisfy growing demand in a non-existent market. These bubbles are not backed by real assets and are based on frivolous lending in the hope of returning a profit or security. These bubbles usually end in
1349:
and Jorgen
Sandberg argue that market speculation is driven by culturally-situated narratives that are deeply embedded in and supported by the prevailing institutions of the time. They cite factors such as bubbles forming during periods of innovation, easy credit, loose regulations, and
1321:
It has also been variously suggested that bubbles may be rational, intrinsic, and contagious. To date, there is no widely accepted theory to explain their occurrence. Recent computer-generated agency models suggest excessive leverage could be a key factor in causing financial bubbles.
1584:
collusive body perceives a maximal peak has been reached in the traded asset's price, it can then proceed to rapidly sell or "dump" its holdings of this asset on the market, precipitating a price decline that forces its competitors into insolvency, bankruptcy or foreclosure.
1686:
Incentives that place the consequences of bad behavior by one economic actor upon another, such as the origination of mortgages to those with limited ability to repay because the mortgage could be sold or securitized, moving the consequences from the originator to the
1344:
More recent theories of asset bubble formation suggest that they are likely sociologically-driven events, thus explanations that merely involve fundamental factors or snippets of human behavior are incomplete at best. For instance, qualitative researchers
1588:
The large firm or cartel β which has intentionally leveraged itself to withstand the price decline it engineered β can then acquire the capital of its failing or devalued competitors at a low price as well as capture a greater market share (e.g., via a
1387:
of the mechanism by which that is accomplished) investors tend to avoid putting their capital into savings accounts. Instead, investors tend to leverage their capital by borrowing from banks and invest the leveraged capital in financial assets such as
1326:
repeatedly in experimental markets, even with participants such as business students, managers, and professional traders. Experimental bubbles have proven robust to a variety of conditions, including short-selling, margin buying, and insider trading.
2838:
1563:
Other causes of perceived insulation from risk may derive from a given entity's predominance in a market relative to other players, and not from state intervention or market regulation. A firm β or several large firms acting in concert (see
1054:
Some later commentators have extended the metaphor to emphasize the suddenness, suggesting that economic bubbles end "All at once, and nothing first, / Just as bubbles do when they burst," though theories of financial crises such as
1275:, which stipulates that markets move towards equilibrium and that non-equilibrium fluctuations are merely random noise that will soon be corrected. In equilibrium theory, prices in the long run at equilibrium reflect the underlying
1243:
In an economy with a central bank, the bank may therefore attempt to keep an eye on asset price appreciation and take measures to curb high levels of speculative activity in financial assets. This is usually done by increasing the
1694:) imbalances, resulting in an excess of savings over investments, increasing the volatility of capital flow among countries. For example, the flow of savings from Asia to the U.S. was one of the drivers of the 2000s housing bubble.
1047:, and originally referred to the companies themselves, and their inflated stock, rather than to the crisis itself. This was one of the earliest modern financial crises; other episodes were referred to as "manias", as in the Dutch
1373:, has argued that "The past has shown that an overly generous provision of liquidity in global financial markets in connection with a very low level of interest rates promotes the formation of asset-price bubbles."
1248:(that is, the cost of borrowing money). Historically, this is not the only approach taken by central banks. It has been argued that they should stay out of it and let the bubble, if it is one, take its course.
1284:
phenomenon: house prices are influenced by the sums that banks are prepared to advance for their purchase, and these sums are determined by the banks' estimation of the prices that the property would command.
1579:
However, in relation to the party instigating the bubble, these smaller competitors are insufficiently leveraged to withstand a similarly rapid decline in the asset's price. When the large firm, cartel or
1673:
Higher risk lending and borrowing behavior, such as originating loans to borrowers with lower credit quality scores (e.g., subprime borrowers), combined with adjustable rate mortgages and "interest-only"
1549:
on 3 October 2008 to provide a government bailout for many financial and non-financial institutions who speculated in high-risk financial instruments during the housing boom condemned by a 2005 story in
1651:
CAPE based on data from economist Robert
Shiller's website, as of 8/4/2015. The 26.45 measure was 93rd percentile, meaning 93% of the time investors paid less for stocks overall relative to earnings.
5418:
2709:
King, Ronald R.; Smith, Vernon L.; Williams, Arlington W.; van
Boening, Mark V. (1993). "The Robustness of Bubbles and Crashes in Experimental Stock Markets". In Day, R. H.; Chen, P. (eds.).
1184:
In addition, the crash which usually follows an economic bubble can destroy a large amount of wealth and cause continuing economic malaise; this view is particularly associated with the
943:, being the valuation that the underlying long-term fundamentals justify. Bubbles can be caused by overly optimistic projections about the scale and sustainability of growth (e.g.
1337:. It has also been shown that bubbles appear even when market participants are well capable of pricing assets correctly. Further, it has been shown that bubbles appear even when
3115:
2457:
1215:
Another important aspect of economic bubbles is their impact on spending habits. Market participants with overvalued assets tend to spend more because they "feel" richer (the
2762:
1051:. The metaphor indicated that the prices of the stock were inflated and fragile β expanded based on nothing but air, and vulnerable to a sudden burst, as in fact occurred.
1973:
1404:
But these arenβt just a series of unrelated accidents. Instead, what weβre seeing is what happens when too much money is chasing too few investment opportunities.
2634:
5653:
2178:
Brown, James R.; Fazzari, Steven M.; Petersen, Bruce C. (2009). "Financing
Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom".
1424:
Advocates of perspectives stressing the role of credit money in an economy often refer to (such) bubbles as "credit bubbles", and look at such measures of
2664:
Smith, Vernon L.; Suchanek, Gerry L.; Williams, Arlington W. (1988). "Bubbles, Crashes, and
Endogenous Expectations in Experimental Spot Asset Markets".
6188:
6173:
1471:
6150:
2380:, Volume 20, Issue 4, 2013: Special Issue: Reflexivity and Economics: George Soros's Theory of Reflexivity and the Methodology of Economic Science
1677:
Rationalizing borrowing, lending, and purchase decisions based on expected future price increases rather than the ability of the borrower to repay.
1629:
Boom: A rise in asset prices and speculative investments (buy now with sole intention to sell in the future at a higher price and obtain a profit).
1346:
1667:
provides a measure of stock prices relative to corporate earnings; higher readings indicate investors are paying more for each dollar of earnings.
3481:
3337:
979:). Bubbles usually form as a result of either excess liquidity in markets, and/or changed investor psychology. Large multi-asset bubbles (e.g.
6253:
6135:
6074:
6037:
5871:
2017:
1659:
Unusual changes in single measures, or relationships among measures (e.g., ratios) relative to their historical levels. For example, in the
1606:
and thus believe that the causes of inflation are also the causes of bubbles. Others take the view that there is a "fundamental value" to an
1160:, many believe that bubbles cannot be identified in advance, cannot be prevented from forming, that attempts to "prick" the bubble may cause
6195:
5734:
4766:
1092:
cycle is capable of accelerating innovation process and propelling faster productivity growth. Three instances of an equity bubble are the
4018:
1664:
1399:
can lead to an increasingly fragile economy, and may also be part of what pushes asset prices artificially upward until the bubble pops.
910:
842:
6119:
5979:
5878:
4799:
2866:
1268:. He regards his insights into market behaviour from applying the principle as a major factor in the success of his financial career.
2402:
2106:
5986:
5829:
5462:
3123:
2465:
2151:
Brown, James R.; Martinsson, Gustav; Petersen, Bruce C. (2017). "What promotes R&D? Comparative evidence from around the world".
1382:
and view the state as a passive or reactive factor. This may determine how central or relatively minor/inconsequential policies like
1288:
been an increase of interest following the crash of 2008, with academic journals, economists, and investors discussing his theories.
1207:. Not only can the aftermath of a crash devastate the economy of a nation, but its effects can also reverberate beyond its borders.
3013:"In come the waves: The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops"
6143:
6060:
6030:
5913:
5906:
5850:
5843:
5711:
5400:
4500:
2785:
1298:, argued that Soros' concept of reflexivity is useful in understanding China's economy and how the Chinese government manages it.
6217:
5836:
5089:
5010:
4663:
4145:
4134:
1622:
According to the economist
Charles P. Kindleberger, the basic structure of a speculative bubble can be divided into five phases:
1264:(1957), has been an active promoter of the relevance of reflexivity to economics, first propounding it publicly in his 1987 book
6023:
5927:
5892:
5749:
5587:
5082:
1680:
Rationalizing asset prices by increasingly weaker arguments, such as "this time it's different" or "housing prices only go up."
5704:
5617:
5366:
5358:
3274:
2718:
2362:
2314:
1691:
1670:
Elevated usage of debt (leverage) to purchase assets, such as purchasing stocks on margin or homes with a lower down payment.
1365:, which makes markets vulnerable to volatile asset price inflation caused by short-term, leveraged speculation. For example,
3318:
3146:
1199:
A protracted period of low risk premiums can simply prolong the downturn in asset price deflation, as was the case of the
6052:
5321:
1302:
2763:"Nonspeculative Bubbles in Experimental Asset Markets: Lack of Common Knowledge of Rationality Vs. Actual Irrationality"
2642:
2432:
6081:
4639:
2821:
972:
17:
6210:
6016:
5668:
5535:
5285:
3044:
2084:
1350:
internationalized investment as reasons why narratives play such an influential role in the growth of asset bubbles.
3290:
1164:, and that instead authorities should wait for bubbles to burst of their own accord, dealing with the aftermath via
5455:
5067:
4239:
1361:
is excessive monetary liquidity in the financial system, inducing lax or inappropriate standards of lending by the
1329:
While there is no clear agreement on what causes bubbles, there is evidence to suggest that they are not caused by
1060:
5857:
5631:
5118:
4633:
4011:
1726:
1377:
may differ in certain details according to economic philosophy. Those who believe the money supply is controlled
903:
3023:
The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops.
1502:, the fact that investors tend to buy or sell in the direction of the market trend. This is sometimes helped by
6045:
6009:
5920:
5822:
4792:
4454:
4337:
1823:
1153:; they are not generally considered beneficial, but it is debated how harmful their formation and bursting is.
6246:
6181:
5885:
5756:
5697:
5550:
3847:
2042:
1632:
Euphoria: A democratization of speculative investments, and a detachment from real rational valuable objects.
1542:
241:
1635:
Financial distress: Prices begin to plateau, investors start considering selling to cover their liabilities.
503:
5948:
5792:
5785:
5742:
5690:
5624:
5222:
4677:
4615:
4298:
3431:
1996:
1857:
1804:
1660:
1134:
1003:
2247:
2137:
2123:
1626:
Displacement: An sufficient external shock to the macroeconomic system, creating new profit opportunities.
1482:
them to overbid those risky assets in order to attempt to continue to capture those same rates of return.
1079:
There are different types of bubbles, with economists primarily interested in two major types of bubbles:
6104:
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5770:
5763:
5683:
5610:
5602:
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4603:
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3496:
2032:
1891:
1885:
1842:
1204:
1150:
980:
852:
72:
62:
6285:
6088:
5993:
5799:
5477:
5240:
4720:
4489:
4391:
4355:
4349:
4257:
4179:
4004:
3663:
3266:
2739:
Levine, Sheen S.; Zajac, Edward J. (27 June 2007). The
Institutional Nature of Price Bubbles (Report).
2389:
1832:
1556:
titled "The worldwide rise in house prices is the biggest bubble in history". A historical example was
1383:
1272:
947:), and/or by the belief that intrinsic valuation is no longer relevant when making an investment (e.g.
896:
846:
376:
366:
6290:
6275:
6203:
6127:
5899:
5382:
4785:
4756:
4191:
3791:
3603:
3466:
3012:
2093:
2006:
940:
256:
5374:
1305:
with the hope that it would develop reflexivity further. The
Institute works with several types of
5864:
5527:
5499:
5336:
4657:
4645:
4275:
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3572:
3536:
3311:
2678:
1852:
1590:
1507:
1310:
1193:
1007:
825:
563:
518:
371:
140:
84:
3747:
3196:
2595:
Teeter, Preston; Sandberg, Jorgen (2017). "Cracking the enigma of asset bubbles with narratives".
1638:
Revulsion: prices plummet as investors race to sell first, panic spreads and feeds back on itself.
578:
6280:
6239:
6157:
5661:
5564:
5165:
4708:
4669:
4597:
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4367:
4203:
3936:
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3366:
2428:
2022:
2012:
1847:
528:
336:
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286:
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183:
106:
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3901:
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2891:
Harmon, D; Lagi, M; de Aguiar, MAM; Chinellato, DD; Braha, D; Epstein, IR; et al. (2015).
2673:
1738:
964:
698:
543:
281:
221:
178:
125:
2553:
Topol, Richard (1991). "Bubbles and
Volatility of Stock Prices: Effect of Mimetic Contagion".
6164:
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1967:
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1358:
1220:
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832:
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relationship. A moral hazard can occur when this relationship is interfered with, often via
6111:
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5485:
5097:
5002:
4994:
4906:
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4331:
4263:
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3304:
3116:"Bloomberg-Barry Ritholz-How do you define a bubble and are we in one now? December 2013"
3061:
2052:
1921:
1767:
1663:
of the 2000s, the housing prices were unusually high relative to income. For stocks, the
1655:
Economic or asset price bubbles are often characterized by one or more of the following:
1466:
The term "bubble" should indicate a price that no reasonable future outcome can justify.
1452:
1447:
1370:
1334:
1330:
1306:
1175:
809:
618:
440:
381:
306:
296:
266:
193:
101:
2908:
1530:
possibility of making a return on their investment with the risk of making a loss β the
478:
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4484:
4472:
4427:
4385:
4281:
4269:
4128:
4058:
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3668:
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3259:
2927:
2892:
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2612:
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2502:
2350:
2062:
2037:
2027:
1979:
1557:
1503:
1495:
1425:
1378:
1068:
837:
793:
598:
435:
430:
410:
361:
301:
291:
236:
231:
203:
198:
168:
36:
2112:(Report). p. 24 – via Institute for International Political Economy Berlin.
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1429:
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2355:
The New
Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means
2229:
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1984:
1915:
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1933:
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648:
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445:
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1071:) assets failing first, and then the collapse spreading throughout the economy.
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1185:
1125:
when the government can no longer maintain the fiat currency. Examples are the
1118:
1101:
1056:
944:
803:
788:
753:
738:
718:
688:
508:
425:
115:
111:
3171:
2215:"Financial dependence and innovation: The case of public versus private firms"
1028:
538:
6269:
5389:
5314:
5307:
5300:
5278:
5262:
5254:
5247:
5233:
5203:
5196:
5189:
5147:
5140:
5133:
5104:
4943:
4936:
4862:
4834:
4746:
4167:
3921:
3796:
3714:
3618:
3486:
3456:
3426:
3017:
2963:
2663:
2608:
2381:
2199:
1957:
1947:
1910:
1779:
1552:
1506:
that tries precisely to detect those trends and follow them, which creates a
1499:
1478:
1366:
1245:
1216:
1189:
1169:
768:
758:
733:
673:
668:
663:
643:
633:
603:
593:
498:
401:
2781:
1181:
argues that bubbles can be identified before the fact with high confidence.
52:
5718:
5469:
5270:
4841:
4751:
4373:
4043:
4038:
3867:
3821:
3801:
3732:
3593:
3541:
3376:
3172:"Levy Institute-Hyman Minsky-the Financial Instability Hypothesis-May 1992"
2990:
2936:
2346:
2333:
1989:
1526:
1409:
1396:
1257:
884:
798:
743:
638:
628:
623:
548:
96:
2107:
Theories of Finance and Financial Crisis β Lessons for the Great Recession
1697:
A lower interest rate environment, which encourages lending and borrowing.
5972:
5429:
5028:
4885:
4855:
4533:
4122:
4083:
3986:
3771:
3694:
3684:
3511:
3461:
3411:
2813:
Bubbles and Contagion in Financial Markets, Volume 1: An Integrative View
2300:
2275:"The Role of a Central Bank in a Bubble Economy β Section I β Gold Eagle"
2047:
1773:
1720:
1558:
intervention by the Dutch Parliament during the great Tulip Mania of 1637
1514:
1392:
1338:
1280:
1261:
1232:
1093:
1048:
1013:
968:
960:
948:
936:
773:
763:
553:
188:
3222:"Get the Report: Conclusions : Financial Crisis Inquiry Commission"
2893:"Anticipating Economic Market Crises Using Measures of Collective Panic"
2760:
2214:
3806:
3781:
3719:
3506:
3327:
2695:
2574:
2497:
2480:
683:
483:
3981:
3911:
3881:
3811:
3556:
3501:
3476:
3441:
1603:
1573:
1569:
1228:
533:
464:
44:
3996:
2687:
2566:
2262:
Fubarnomics: A Lighthearted, Serious Look at America's Economic Ills
1683:
A high presence of marketing or media coverage related to the asset.
987:), are attributed to central banking liquidity (e.g. overuse of the
4820:
4777:
2390:
http://www.ft.com/cms/s/0/9553cce2-eb65-11dd-8838-0000779fd2ac.html
952:
2538:
2521:
3862:
3724:
2442:
1097:
988:
1333:
or assumptions about the irrationality of others, as assumed by
3516:
3037:
Manias, Panics and Crashes : A History of Financial Crises
1565:
867:
2384:
For example, Larry Summers, Joe Stiglitz, and Paul Volker in:
3296:
3091:"A Psychoanalytic Interpretation of Dot.Com Stock Valuations"
2890:
2761:
Lei, Vivian; Noussair, Charles N.; Plott, Charles R. (2001).
1607:
1388:
1236:
1149:
The impact of economic bubbles is debated within and between
2708:
2388:, The Credit Crunch According to Soros, January 30, 2009.
1362:
1113:
3261:
This Time is Different: Eight Centuries of Financial Folly
1974:
Extraordinary Popular Delusions and the Madness of Crowds
3039:(4th ed.). Palgrave Macmillan UK. pp. 13β22.
2150:
951:). They have appeared in most asset classes, including
2738:
2519:
2394:
2330:
The Alchemy of Finance: Reading the mind of the Market
5126:
Post-Napoleonic Irish grain price and land use shocks
1904:
1203:
in the 1930s for much of the world and the 1990s for
2177:
1341:is not possible or when over-confidence is absent.
3258:
2400:
1992:, especially his Financial Instability Hypothesis
1612:analysis based on their underlying "fundamentals"
6267:
2952:"Possible Early Warning Sign for Market Crashes"
2438:"George Soros Lecture Series: Financial Markets"
1395:. Risky leveraged behavior like speculation and
1260:, influenced by ideas put forward by his tutor,
3482:Perspectives on capitalism by school of thought
3293:(PDF), International Monetary Fund, April 2003.
2864:
2628:
2626:
3249:
2594:
6254:List of stock market crashes and bear markets
4793:
4012:
3312:
2836:
2756:
2754:
2734:
2732:
2730:
2711:Nonlinear Dynamics and Evolutionary Economics
2522:"Intrinsic Bubbles: The Case of Stock Prices"
2520:Froot, Kenneth A.; Obstfeld, Maurice (1991).
2018:List of stock market crashes and bear markets
904:
3034:
2623:
3147:"Part of the Problem: Stocks Are Expensive"
2357:(1st ed.). PublicAffairs. p. 66.
4800:
4786:
4019:
4005:
3319:
3305:
3291:When Bubbles Burst, World Economic Outlook
3088:
3035:Kindleberger, Charles (13 December 2001).
2751:
2727:
2702:
2382:http://www.tandfonline.com/toc/rjec20/20/4
1879:
1545:(TARP), signed into law by U.S. President
911:
897:
6075:2015β2016 Chinese stock market turbulence
3144:
2926:
2916:
2677:
2537:
2496:
2264:(Buffalo, N.Y.: Prometheus, 2010), 51β52.
2212:
3062:"The British Railway Mania of the 1840s"
2657:
2632:
1710:
1701:
1646:
1301:In 2009, Soros funded the launch of the
1027:
1002:
3194:
2983:
1210:
14:
6268:
5980:Venezuelan banking crisis of 2009β2010
5750:South American economic crisis of 2002
5647:Black Wednesday (1992 Sterling crisis)
2809:
2478:
2345:
2299:
1441:
1291:Economist and former columnist of the
1129:stock market bubble (which caused the
1067:with the most vulnerable (most highly-
1043:, originated in the 1711β1720 British
6031:2013 Chinese banking liquidity crisis
5987:2010β2014 Portuguese financial crisis
5463:Secondary banking crisis of 1973β1975
4781:
4026:
4000:
3300:
2713:. New York: Oxford University Press.
2635:"Why economic theory is out of whack"
2590:
2588:
2586:
2584:
2552:
2401:Kaletsky, Anatole (12 October 2015).
2104:
1755:
6061:Russian financial crisis (2014β2016)
5914:2008β2011 Icelandic financial crisis
5907:2008β2009 Ukrainian financial crisis
5872:2000s U.S. housing market correction
5712:1998β2002 Argentine great depression
4807:
2485:The Journal of Economic Perspectives
2213:Acharya, Viral; Xu, Zhaoxia (2017).
1793:Roaring Twenties stock-market bubble
1786:
1494:Another related explanation used in
1240:exacerbating the economic slowdown.
6218:2023β2024 Egyptian financial crisis
6053:Puerto Rican government-debt crisis
6046:2014β2016 Brazilian economic crisis
5419:1963β1965 Indonesian hyperinflation
5322:Shanghai rubber stock market crisis
5011:Dutch Republic stock market crashes
3145:Leonhardt, David (25 August 2015).
3059:
2865:Righoltz, Barry (6 December 2013).
1513:Investment managers, such as stock
1303:Institute for New Economic Thinking
1063:suggest instead that bubbles burst
1039:The term "bubble", in reference to
24:
6024:2012β2013 Cypriot financial crisis
5928:2008β2014 Spanish financial crisis
5900:2008β2009 Russian financial crisis
5893:2008β2009 Belgian financial crisis
5588:1988β1992 Norwegian banking crisis
5083:British credit crisis of 1772β1773
3243:
3089:Tuckett, David; Taffler, Richard.
2581:
2351:"Reflexivity in Financial Markets"
1905:Notable periods post asset bubbles
1715:Bitcoin price gain/loss 2011, 2013
1602:Some regard bubbles as related to
975:), and even esoteric assets (e.g.
25:
6302:
6211:2023 United States banking crisis
6017:2011 Bangladesh share market scam
5705:1998β1999 Ecuador economic crisis
5669:Venezuelan banking crisis of 1994
5595:Japanese asset price bubble crash
5536:Souk Al-Manakh stock market crash
5286:Australian banking crisis of 1893
5090:Dutch Republic financial collapse
3284:
3122:. 6 December 2013. Archived from
2986:"Why Wall Street Always Blows It"
1642:
1271:Reflexivity is inconsistent with
998:
5068:Amsterdam banking crisis of 1763
4146:1830s Chicago real estate bubble
4135:1810s Alabama real estate bubble
3195:Krugman, Paul (24 August 2015).
2984:Blodget, Henry (December 2008).
2949:
2837:Krugman, Paul (24 August 2015).
2192:10.1111/j.1540-6261.2008.01431.x
1459:
1082:
1061:Financial Instability Hypothesis
878:
866:
51:
5793:2007 Chinese stock bubble crash
5119:Danish state bankruptcy of 1813
3214:
3188:
3164:
3138:
3108:
3082:
3053:
3028:
3005:
2977:
2943:
2884:
2858:
2830:
2803:
2633:Buchanan, Mark (19 July 2008).
2546:
2513:
2472:
2450:
2421:
2378:Journal of economic methodology
2371:
2339:
2323:
2293:
2267:
1521:
1251:
153:Concepts, theory and techniques
27:Temporary spike in asset prices
6174:Chinese property sector crisis
6082:2015β2016 stock market selloff
6010:August 2011 stock markets fall
5921:2008β2011 Irish banking crisis
5618:1990s Swedish financial crisis
5367:Weimar Republic hyperinflation
4338:Western Australian gold rushes
3326:
2458:"Post Keynesian Working Group"
2254:
2240:
2222:Journal of Financial Economics
2206:
2171:
2144:
2130:
2116:
2098:
2076:
1817:
1706:
1369:, the former president of the
1107:
13:
1:
6247:List of sovereign debt crises
6189:2022 Russian financial crisis
5886:2008 Latvian financial crisis
5879:U.S. bear market of 2007β2009
5757:Stock market downturn of 2002
5698:1998 Russian financial crisis
5551:1983 Israel bank stock crisis
3848:Critique of political economy
2867:"How do you define a bubble?"
2234:10.1016/j.jfineco.2016.02.010
2069:
2043:Stock market crashes in India
1727:Comic book speculation bubble
1543:Troubled Asset Relief Program
1436:
1359:One possible cause of bubbles
1018:
5949:Greek government-debt crisis
5786:2004 Argentine energy crisis
5743:2001 Turkish economic crisis
5632:1990s Armenian energy crisis
5625:1990s Finnish banking crisis
5486:1976 British currency crisis
5456:1973β1974 stock market crash
4767:U.S. higher education bubble
4678:Chinese stock bubble of 2007
4640:United States housing bubble
4634:2000s Danish property bubble
4616:Baltic states housing bubble
4392:Second Nova Scotia Gold Rush
3432:History of capitalist theory
2918:10.1371/journal.pone.0131871
2165:10.1016/j.respol.2016.11.010
1858:United States housing bubble
1805:Chinese stock bubble of 2007
1353:
1219:). Many observers quote the
1135:United States housing bubble
7:
6105:2017 Sri Lankan fuel crisis
5771:2003 Myanmar banking crisis
5764:2002 Uruguay banking crisis
5684:1997 Asian financial crisis
5611:1991 Indian economic crisis
5603:Rhode Island banking crisis
5573:Cameroonian economic crisis
5359:Early Soviet hyperinflation
4972:Crisis of the Third Century
4604:Japanese asset price bubble
4592:New Zealand property bubble
4561:New Zealand property bubble
4490:Third Nova Scotia Gold Rush
4258:First Nova Scotia Gold Rush
2033:Reflexivity (social theory)
1940:
1892:1997 Asian financial crisis
1886:Japanese asset price bubble
1843:New Zealand property bubble
1750:
1151:schools of economic thought
981:1980s Japanese asset bubble
935:) is a period when current
10:
6307:
6136:Sri Lankan economic crisis
5994:Energy crisis in Venezuela
5973:2009 Dubai debt standstill
5823:2007β2008 financial crisis
5478:Latin American debt crisis
5241:Paris Bourse crash of 1882
4721:Australian property bubble
4356:Tierra del Fuego gold rush
4240:Colorado River mining boom
4180:Queen Charlottes Gold Rush
3267:Princeton University Press
2306:The Poverty of Historicism
1833:Australian property bubble
1489:
1445:
1384:fractional reserve banking
1273:general equilibrium theory
6227:
6204:2022 stock market decline
6196:Pakistani economic crisis
6182:2021β2023 inflation surge
6128:Lebanese liquidity crisis
6097:Venezuelan hyperinflation
6089:Brexit stock market crash
6038:Venezuela economic crisis
5960:
5810:
5800:Zimbabwean hyperinflation
5510:
5428:
5399:
5383:Wall Street Crash of 1929
5346:
5223:2nd Industrial Revolution
5221:
5157:
5057:1st Industrial Revolution
5055:
4982:
4960:
4815:
4757:Social media stock bubble
4742:
4691:
4570:
4532:
4499:
4443:
4299:2nd Industrial Revolution
4297:
4192:New South Wales gold rush
4160:
4113:1st Industrial Revolution
4111:
4072:
4034:
3875:
3829:
3792:Labour market flexibility
3765:
3676:
3525:
3467:Multinational corporation
3344:
3334:
2479:Garber, Peter M. (1990).
2403:"China is Not Collapsing"
2094:Oliver Wendell Holmes Sr.
2007:Jesse Lauriston Livermore
1746:(2016β2017, 2021βpresent)
1617:
1316:
1144:
985:2020β21 Everything bubble
5865:Subprime mortgage crisis
5528:Brazilian hyperinflation
5500:Brazilian hyperinflation
5337:Financial crisis of 1914
5045:Mississippi bubble crash
4658:Canadian property bubble
4646:Romanian property bubble
4485:1930s Kakamega gold rush
4276:Vermilion Lake gold rush
2609:10.1177/1476127016629880
2526:American Economic Review
2085:The Deacon's Masterpiece
1853:Romanian property bubble
1829:2000s Property bubbles:
1597:
1541:A recent example is the
1508:self-fulfilling prophecy
1194:Post-Keynesian economics
1192:, and elaborated within
1074:
1008:Jan Brueghel the Younger
141:JEL classification codes
6240:List of economic crises
6158:2020 stock market crash
6151:Financial market impact
6120:Turkish economic crisis
5735:9/11 stock market crash
5691:October 1997 mini-crash
5662:1994 bond market crisis
5654:Yugoslav hyperinflation
5565:Savings and loan crisis
5166:European potato failure
4709:Lebanese housing bubble
4670:Lebanese housing bubble
4664:Chinese property bubble
4598:Spanish property bubble
4455:1920s Florida land boom
4380:Cripple Creek Gold Rush
4368:Witwatersrand Gold Rush
4309:1870s Lapland gold rush
4204:Fraser Canyon Gold Rush
3937:Individualist anarchism
3069:University of Minnesota
2782:10.1111/1468-0262.00222
2023:Overheating (economics)
2013:List of commodity booms
1880:Multi-asset/Broad-based
1866:
1848:Spanish property bubble
1824:Florida building bubble
1801:(Australia) (1969β1970)
1665:price to earnings ratio
1121:causing bank runs or a
973:2000s US housing bubble
327:Industrial organization
184:Computational economics
6233:List of banking crises
6002:Syrian economic crisis
5935:Blue Monday Crash 2009
5544:Chilean crisis of 1982
5375:ShΕwa financial crisis
5181:Highland Potato Famine
5037:South Sea bubble crash
4828:Commodity price shocks
4703:2000s commodities boom
4683:Uranium bubble of 2007
4652:Polish property bubble
4628:2000s commodities boom
4544:1970s commodities boom
4314:Coromandel Gold Rushes
4198:Australian gold rushes
3902:Collectivist anarchism
3817:Social venture capital
3787:Freedom of association
3265:. Princeton, NJ:
2597:Strategic Organization
2481:"Famous First Bubbles"
2248:"5 Stages of a Bubble"
2180:The Journal of Finance
2138:"5 Stages of a Bubble"
2124:"5 Stages of a Bubble"
1739:Uranium bubble of 2007
1716:
1652:
1468:
1406:
1266:The alchemy of finance
1036:
1025:
179:Experimental economics
5558:Black Saturday (1983)
5412:Kennedy Slide of 1962
4984:Commercial revolution
4727:Cryptocurrency bubble
4715:Corporate debt bubble
4622:Irish property bubble
4404:Mount Baker gold rush
4326:Black Hills gold rush
4228:Similkameen Gold Rush
4222:Pennsylvania oil rush
4210:Pike's Peak gold rush
4102:Bengal Bubble of 1769
4074:Commercial revolution
4049:Irrational exuberance
3967:Post-scarcity economy
3942:Libertarian socialism
3927:Free-market socialism
3858:Market fundamentalism
3843:Capitalist propaganda
3437:Industrial Revolution
3352:Anarchy of production
3226:fcic.law.stanford.edu
2462:www.ineteconomics.org
1997:Irrational Exuberance
1968:Asset price inflation
1928:Early 2000s recession
1873:Corporate debt bubble
1838:Irish property bubble
1744:Cryptocurrency bubble
1714:
1702:Notable asset bubbles
1690:International trade (
1650:
1591:merger or acquisition
1464:
1402:
1277:economic fundamentals
1256:Economic philosopher
1031:
1006:
977:Cryptocurrency bubble
939:greatly exceed their
6112:Ghana banking crisis
5942:European debt crisis
5727:Dot-com bubble crash
5639:Cuban Special Period
5098:Copper Panic of 1789
5003:The Great Debasement
4995:Great Bullion Famine
4398:Kobuk River Stampede
4332:Colorado Silver Boom
4264:West Coast gold rush
4216:Rock Creek Gold Rush
4174:California gold rush
3422:Financial Revolution
3387:Economic development
2791:on 26 September 2021
2555:The Economic Journal
2105:Dogic, Nina (2015).
1211:Effect upon spending
1158:mainstream economics
406:Social choice theory
6068:2015 Nepal blockade
5778:2000s energy crisis
5676:Mexican peso crisis
5581:Black Monday (1987)
5441:1970s energy crisis
5401:PostβWWII expansion
5075:Bengal bubble crash
4870:Financial contagion
4534:The Great Inflation
4517:Porcupine Gold Rush
4501:PostβWWII expansion
4479:Porcupine Gold Rush
4461:Fairbanks Gold Rush
4434:Porcupine Gold Rush
4416:Fairbanks Gold Rush
4186:Victorian gold rush
4151:Chilean silver rush
4064:Stock market bubble
3897:Anarcho-syndicalism
3892:Anarcho-primitivism
3777:Economic inequality
3392:Economic liberalism
3251:Reinhart, Carmen M.
2909:2015PLoSO..1031871H
2810:Porras, E. (2016).
2645:on 19 December 2008
2053:Stock market bubble
1922:Lost Decade (Japan)
1768:Mississippi Company
1723:(Dutch) (1634β1637)
1453:Greater fool theory
1448:Greater fool theory
1442:Greater fool theory
1371:Deutsche Bundesbank
1335:greater fool theory
1331:bounded rationality
1309:, particularly the
1307:heterodox economics
1176:Political economist
941:intrinsic valuation
873:Business portal
194:Operations research
174:National accounting
5330:Panic of 1910β1911
5174:Great Irish Famine
5112:Panic of 1796β1797
4951:Stock market crash
4473:Cobalt silver rush
4428:Cobalt silver rush
4386:Klondike Gold Rush
4282:Kildonan Gold Rush
4270:Big Bend Gold Rush
4129:Carolina gold rush
4090:Mississippi bubble
4059:Real-estate bubble
3917:Economic democracy
3738:Private foundation
3255:Rogoff, Kenneth S.
3201:The New York Times
3151:The New York Times
2844:The New York Times
2498:10.1257/jep.4.2.35
2446:. 11 October 2010.
2260:Robert E. Wright,
2090:The One-Hoss Shay,
2063:Non-fungible token
2038:Stock market crash
2028:Real estate bubble
1980:Fictitious capital
1776:(UK) (1790sβ1810s)
1756:Private securities
1717:
1653:
1504:technical analysis
1496:behavioral finance
1430:debt-to-GDP ratios
1426:financial leverage
1137:(which caused the
1037:
1026:
929:speculative bubble
204:Industrial complex
199:Middle income trap
18:Bubble (economics)
6286:Business failures
6263:
6262:
6144:COVID-19 pandemic
5029:Tulip mania crash
5020:Kipper und Wipper
4997:(c. 1400βc. 1500)
4775:
4774:
4733:Everything bubble
4382:(c. 1890βc. 1910)
4362:Cayoosh Gold Rush
4352:(c. 1880βc. 1930)
4340:(c. 1880βc. 1900)
4322:(c. 1870βc. 1890)
4320:Cassiar Gold Rush
4316:(c. 1870βc. 1890)
4288:Omineca Gold Rush
4252:Cariboo Gold Rush
4234:Stikine Gold Rush
4170:(c. 1840βc. 1850)
4140:Georgia Gold Rush
4125:(c. 1790βc. 1810)
4028:Financial bubbles
3994:
3993:
3887:Anarcho-communism
3758:Spontaneous order
3753:Social alienation
3710:Economic mobility
3397:Economic planning
3276:978-0-691-14216-6
3197:"A Moveable Glut"
3060:Odlyzko, Andrew.
2720:978-0-19-507859-6
2468:on 3 August 2016.
2407:Project Syndicate
2364:978-1-58648-683-9
2316:978-1-135-97221-9
1963:Economic collapse
1898:Everything bubble
1787:Quoted securities
1762:South Sea Company
1536:government policy
921:
920:
16:(Redirected from
6298:
6291:Financial crises
6276:Economic bubbles
6256:
6249:
6242:
6235:
6220:
6213:
6206:
6199:
6191:
6184:
6177:
6167:
6160:
6153:
6146:
6139:
6131:
6123:
6115:
6107:
6100:
6092:
6084:
6077:
6070:
6063:
6056:
6048:
6041:
6033:
6026:
6019:
6012:
6005:
5997:
5989:
5982:
5975:
5951:
5944:
5937:
5930:
5923:
5916:
5909:
5902:
5895:
5888:
5881:
5874:
5867:
5860:
5853:
5846:
5839:
5832:
5825:
5803:
5795:
5788:
5781:
5773:
5766:
5759:
5752:
5745:
5738:
5730:
5722:
5714:
5707:
5700:
5693:
5686:
5679:
5671:
5664:
5657:
5649:
5642:
5634:
5627:
5620:
5613:
5606:
5598:
5590:
5583:
5576:
5568:
5560:
5553:
5546:
5539:
5531:
5517:Great Regression
5512:Great Moderation
5503:
5495:
5488:
5481:
5473:
5465:
5458:
5451:
5444:
5421:
5414:
5392:
5385:
5378:
5370:
5362:
5339:
5332:
5325:
5317:
5310:
5303:
5296:
5288:
5281:
5274:
5266:
5258:
5250:
5243:
5236:
5214:
5206:
5199:
5192:
5183:
5176:
5169:
5150:
5143:
5136:
5129:
5121:
5114:
5107:
5100:
5093:
5085:
5078:
5070:
5048:
5040:
5032:
5024:
5014:
5006:
4998:
4975:
4953:
4946:
4939:
4930:
4923:
4916:
4909:
4902:
4900:Liquidity crisis
4895:
4888:
4879:
4877:Social contagion
4872:
4865:
4858:
4851:
4844:
4837:
4830:
4823:
4809:Financial crises
4802:
4795:
4788:
4779:
4778:
4577:Great Regression
4572:Great Moderation
4549:Mexican oil boom
4344:Indiana gas boom
4096:South Sea bubble
4054:Social contagion
4021:
4014:
4007:
3998:
3997:
3977:Social anarchism
3952:Market socialism
3947:Market anarchism
3853:Critique of work
3743:Private property
3705:Economic freedom
3700:Decentralization
3678:Cultural aspects
3639:Regulated market
3417:Financial crisis
3402:Entrepreneurship
3321:
3314:
3307:
3298:
3297:
3280:
3264:
3237:
3236:
3234:
3232:
3218:
3212:
3211:
3209:
3207:
3192:
3186:
3185:
3183:
3181:
3176:
3168:
3162:
3161:
3159:
3157:
3142:
3136:
3135:
3133:
3131:
3126:on 15 April 2016
3112:
3106:
3105:
3103:
3101:
3086:
3080:
3079:
3077:
3075:
3066:
3057:
3051:
3050:
3032:
3026:
3025:
3021:. 16 June 2005.
3009:
3003:
3002:
3000:
2998:
2981:
2975:
2974:
2972:
2970:
2947:
2941:
2940:
2930:
2920:
2888:
2882:
2881:
2879:
2877:
2862:
2856:
2855:
2853:
2851:
2839:"A Movable Glut"
2834:
2828:
2827:
2807:
2801:
2800:
2798:
2796:
2790:
2784:. Archived from
2767:
2758:
2749:
2748:
2736:
2725:
2724:
2706:
2700:
2699:
2681:
2672:(5): 1119β1151.
2661:
2655:
2654:
2652:
2650:
2641:. Archived from
2630:
2621:
2620:
2592:
2579:
2578:
2561:(407): 786β800.
2550:
2544:
2543:
2541:
2517:
2511:
2510:
2500:
2476:
2470:
2469:
2464:. Archived from
2454:
2448:
2447:
2425:
2419:
2418:
2416:
2414:
2398:
2392:
2375:
2369:
2368:
2343:
2337:
2327:
2321:
2320:
2297:
2291:
2290:
2288:
2286:
2271:
2265:
2258:
2252:
2251:
2244:
2238:
2237:
2219:
2210:
2204:
2203:
2175:
2169:
2168:
2148:
2142:
2141:
2134:
2128:
2127:
2120:
2114:
2113:
2111:
2102:
2096:
2080:
1985:Financial crisis
1916:Great Depression
1860:(US) (2002β2006)
1826:(US) (1922β1926)
1813:(US) (1996β2000)
1795:(US) (1921β1929)
1764:(British) (1720)
1735:(March 27, 1980)
1474:
1412:
1296:Anatole Kaletsky
1293:Financial Times,
1201:Great Depression
1179:Robert E. Wright
1162:financial crisis
1131:Great Depression
1127:Roaring Twenties
1045:South Sea Bubble
1041:financial crisis
1034:South Sea Bubble
1032:A card from the
1023:
1020:
957:Roaring Twenties
933:financial bubble
913:
906:
899:
885:Money portal
883:
882:
881:
871:
870:
367:Natural resource
159:Economic systems
55:
32:
31:
21:
6306:
6305:
6301:
6300:
6299:
6297:
6296:
6295:
6266:
6265:
6264:
6259:
6252:
6245:
6238:
6231:
6223:
6216:
6209:
6202:
6194:
6187:
6180:
6172:
6163:
6156:
6149:
6142:
6134:
6126:
6118:
6110:
6103:
6095:
6087:
6080:
6073:
6066:
6059:
6051:
6044:
6036:
6029:
6022:
6015:
6008:
6000:
5992:
5985:
5978:
5971:
5964:
5962:Information Age
5956:
5947:
5940:
5933:
5926:
5919:
5912:
5905:
5898:
5891:
5884:
5877:
5870:
5863:
5856:
5849:
5842:
5835:
5828:
5821:
5814:
5812:Great Recession
5806:
5798:
5791:
5784:
5776:
5769:
5762:
5755:
5748:
5741:
5733:
5725:
5717:
5710:
5703:
5696:
5689:
5682:
5674:
5667:
5660:
5652:
5645:
5637:
5630:
5623:
5616:
5609:
5601:
5593:
5586:
5579:
5571:
5563:
5556:
5549:
5542:
5534:
5526:
5519:
5515:
5506:
5498:
5493:1979 oil crisis
5491:
5484:
5476:
5468:
5461:
5454:
5449:1973 oil crisis
5447:
5439:
5432:
5430:Great Inflation
5424:
5417:
5410:
5403:
5395:
5388:
5381:
5373:
5365:
5357:
5350:
5348:Interwar period
5342:
5335:
5328:
5320:
5313:
5306:
5299:
5291:
5284:
5277:
5269:
5261:
5253:
5246:
5239:
5232:
5225:
5217:
5209:
5202:
5195:
5188:
5179:
5172:
5164:
5153:
5146:
5139:
5132:
5124:
5117:
5110:
5103:
5096:
5088:
5081:
5073:
5066:
5059:
5051:
5043:
5035:
5027:
5017:
5009:
5001:
4993:
4986:
4978:
4970:
4956:
4949:
4942:
4935:
4926:
4919:
4912:
4905:
4898:
4891:
4884:
4875:
4868:
4861:
4854:
4849:Currency crisis
4847:
4840:
4833:
4826:
4819:
4811:
4806:
4776:
4771:
4738:
4695:
4693:Information Age
4687:
4579:
4575:
4566:
4555:Silver Thursday
4536:
4528:
4523:Poseidon bubble
4503:
4495:
4447:
4445:Interwar period
4439:
4301:
4293:
4246:Otago gold rush
4156:
4115:
4107:
4076:
4068:
4030:
4025:
3995:
3990:
3972:Sharing economy
3962:Post-capitalism
3932:Green anarchism
3871:
3838:Anti-capitalism
3825:
3761:
3672:
3664:State-sponsored
3521:
3497:Property rights
3472:Nationalization
3382:Economic bubble
3340:
3330:
3325:
3287:
3277:
3246:
3244:Further reading
3241:
3240:
3230:
3228:
3220:
3219:
3215:
3205:
3203:
3193:
3189:
3179:
3177:
3174:
3170:
3169:
3165:
3155:
3153:
3143:
3139:
3129:
3127:
3114:
3113:
3109:
3099:
3097:
3087:
3083:
3073:
3071:
3064:
3058:
3054:
3047:
3033:
3029:
3011:
3010:
3006:
2996:
2994:
2982:
2978:
2968:
2966:
2950:Keim, Brandon.
2948:
2944:
2903:(7): e0131871.
2889:
2885:
2875:
2873:
2863:
2859:
2849:
2847:
2835:
2831:
2824:
2808:
2804:
2794:
2792:
2788:
2765:
2759:
2752:
2737:
2728:
2721:
2707:
2703:
2688:10.2307/1911361
2662:
2658:
2648:
2646:
2631:
2624:
2593:
2582:
2567:10.2307/2233855
2551:
2547:
2518:
2514:
2477:
2473:
2456:
2455:
2451:
2436:
2433:Wayback Machine
2426:
2422:
2412:
2410:
2399:
2395:
2386:Financial times
2376:
2372:
2365:
2344:
2340:
2328:
2324:
2317:
2298:
2294:
2284:
2282:
2273:
2272:
2268:
2259:
2255:
2246:
2245:
2241:
2217:
2211:
2207:
2176:
2172:
2153:Research Policy
2149:
2145:
2136:
2135:
2131:
2122:
2121:
2117:
2109:
2103:
2099:
2081:
2077:
2072:
2067:
2009:The Boy Plunger
1943:
1934:Great Recession
1907:
1882:
1869:
1820:
1799:Poseidon bubble
1789:
1770:(France) (1720)
1758:
1753:
1733:Silver Thursday
1709:
1704:
1692:current account
1645:
1620:
1600:
1524:
1492:
1476:
1472:Clifford Asness
1470:
1462:
1450:
1444:
1439:
1414:
1408:
1356:
1319:
1254:
1213:
1166:monetary policy
1147:
1139:Great Recession
1123:currency crisis
1110:
1085:
1077:
1021:
1001:
927:(also called a
925:economic bubble
917:
879:
877:
865:
858:
857:
828:
818:
817:
816:
815:
579:von BΓΆhm-Bawerk
467:
456:
455:
217:
209:
208:
164:Economic growth
154:
146:
145:
87:
85:classifications
28:
23:
22:
15:
12:
11:
5:
6304:
6294:
6293:
6288:
6283:
6281:Business cycle
6278:
6261:
6260:
6258:
6257:
6250:
6243:
6236:
6228:
6225:
6224:
6222:
6221:
6214:
6207:
6200:
6198:(2022βpresent)
6192:
6185:
6178:
6176:(2020βpresent)
6170:
6169:
6168:
6161:
6154:
6140:
6138:(2019βpresent)
6132:
6130:(2019βpresent)
6124:
6122:(2018βpresent)
6116:
6108:
6101:
6093:
6085:
6078:
6071:
6064:
6057:
6049:
6042:
6040:(2013βpresent)
6034:
6027:
6020:
6013:
6006:
6004:(2011βpresent)
5998:
5996:(2010βpresent)
5990:
5983:
5976:
5968:
5966:
5965:(2009βpresent)
5958:
5957:
5955:
5954:
5953:
5952:
5945:
5938:
5931:
5924:
5917:
5910:
5903:
5896:
5889:
5882:
5875:
5868:
5861:
5854:
5847:
5840:
5833:
5830:September 2008
5818:
5816:
5808:
5807:
5805:
5804:
5802:(2007βpresent)
5796:
5789:
5782:
5774:
5767:
5760:
5753:
5746:
5739:
5731:
5723:
5715:
5708:
5701:
5694:
5687:
5680:
5672:
5665:
5658:
5650:
5643:
5635:
5628:
5621:
5614:
5607:
5599:
5591:
5584:
5577:
5569:
5561:
5554:
5547:
5540:
5532:
5523:
5521:
5508:
5507:
5505:
5504:
5496:
5489:
5482:
5474:
5466:
5459:
5452:
5445:
5436:
5434:
5426:
5425:
5423:
5422:
5415:
5407:
5405:
5397:
5396:
5394:
5393:
5386:
5379:
5371:
5363:
5354:
5352:
5344:
5343:
5341:
5340:
5333:
5326:
5318:
5311:
5304:
5297:
5289:
5282:
5275:
5267:
5259:
5251:
5244:
5237:
5229:
5227:
5219:
5218:
5216:
5215:
5207:
5200:
5193:
5186:
5185:
5184:
5177:
5161:
5159:
5155:
5154:
5152:
5151:
5144:
5137:
5130:
5122:
5115:
5108:
5101:
5094:
5092:(c. 1780β1795)
5086:
5079:
5071:
5063:
5061:
5053:
5052:
5050:
5049:
5041:
5033:
5025:
5015:
5013:(c. 1600β1760)
5007:
4999:
4990:
4988:
4980:
4979:
4977:
4976:
4967:
4965:
4958:
4957:
4955:
4954:
4947:
4940:
4933:
4932:
4931:
4924:
4917:
4910:
4896:
4893:Hyperinflation
4889:
4882:
4881:
4880:
4866:
4859:
4852:
4845:
4838:
4831:
4824:
4816:
4813:
4812:
4805:
4804:
4797:
4790:
4782:
4773:
4772:
4770:
4769:
4764:
4762:Unicorn bubble
4759:
4754:
4749:
4743:
4740:
4739:
4737:
4736:
4730:
4724:
4718:
4712:
4706:
4699:
4697:
4696:(2007βpresent)
4689:
4688:
4686:
4685:
4680:
4674:
4673:
4667:
4661:
4655:
4649:
4643:
4637:
4631:
4625:
4624:(c. 2000β2007)
4619:
4613:
4610:Dot-com bubble
4607:
4601:
4595:
4589:
4587:1980s oil glut
4583:
4581:
4568:
4567:
4565:
4564:
4563:(c. 1980β1982)
4558:
4552:
4546:
4540:
4538:
4530:
4529:
4527:
4526:
4520:
4519:(1945βc. 1960)
4514:
4513:(1945βc. 1950)
4511:Texas oil boom
4507:
4505:
4497:
4496:
4494:
4493:
4487:
4482:
4476:
4475:(1918βc. 1930)
4470:
4467:Texas oil boom
4464:
4463:(1918βc. 1930)
4458:
4457:(c. 1920β1925)
4451:
4449:
4441:
4440:
4438:
4437:
4431:
4425:
4422:Texas oil boom
4419:
4418:(c. 1900β1918)
4413:
4410:Nome Gold Rush
4407:
4406:(1897βc. 1925)
4401:
4395:
4389:
4383:
4377:
4371:
4365:
4359:
4353:
4347:
4346:(c. 1880β1903)
4341:
4335:
4329:
4323:
4317:
4311:
4305:
4303:
4295:
4294:
4292:
4291:
4285:
4279:
4273:
4267:
4261:
4255:
4249:
4243:
4237:
4231:
4225:
4219:
4213:
4207:
4201:
4195:
4189:
4188:(1851βc. 1870)
4183:
4177:
4171:
4164:
4162:
4158:
4157:
4155:
4154:
4148:
4143:
4142:(1828βc. 1840)
4137:
4132:
4126:
4119:
4117:
4109:
4108:
4106:
4105:
4099:
4093:
4087:
4080:
4078:
4070:
4069:
4067:
4066:
4061:
4056:
4051:
4046:
4041:
4035:
4032:
4031:
4024:
4023:
4016:
4009:
4001:
3992:
3991:
3989:
3984:
3979:
3974:
3969:
3964:
3959:
3954:
3949:
3944:
3939:
3934:
3929:
3924:
3919:
3914:
3909:
3904:
3899:
3894:
3889:
3884:
3879:
3877:
3873:
3872:
3870:
3865:
3860:
3855:
3850:
3845:
3840:
3835:
3833:
3827:
3826:
3824:
3819:
3814:
3809:
3804:
3799:
3794:
3789:
3784:
3779:
3774:
3769:
3767:
3766:Social aspects
3763:
3762:
3760:
3755:
3750:
3745:
3740:
3735:
3730:
3727:
3722:
3717:
3712:
3707:
3702:
3697:
3692:
3690:American Dream
3687:
3682:
3680:
3674:
3673:
3671:
3666:
3661:
3656:
3651:
3646:
3641:
3636:
3631:
3626:
3621:
3616:
3611:
3606:
3601:
3596:
3591:
3586:
3581:
3576:
3569:
3564:
3559:
3554:
3549:
3544:
3539:
3534:
3529:
3527:
3523:
3522:
3520:
3519:
3514:
3509:
3504:
3499:
3494:
3489:
3484:
3479:
3474:
3469:
3464:
3459:
3454:
3452:Market failure
3449:
3447:Market economy
3444:
3439:
3434:
3429:
3424:
3419:
3414:
3409:
3407:Ecopreneurship
3404:
3399:
3394:
3389:
3384:
3379:
3374:
3369:
3364:
3362:Centralization
3359:
3357:Business cycle
3354:
3348:
3346:
3342:
3341:
3335:
3332:
3331:
3324:
3323:
3316:
3309:
3301:
3295:
3294:
3286:
3285:External links
3283:
3282:
3281:
3275:
3245:
3242:
3239:
3238:
3213:
3187:
3163:
3137:
3107:
3081:
3052:
3045:
3027:
3004:
2976:
2942:
2883:
2857:
2829:
2823:978-1137358769
2822:
2802:
2750:
2726:
2719:
2701:
2679:10.1.1.360.174
2656:
2622:
2580:
2545:
2512:
2471:
2449:
2420:
2393:
2370:
2363:
2338:
2322:
2315:
2292:
2279:gold-eagle.com
2266:
2253:
2239:
2228:(2): 223β243.
2205:
2186:(1): 151β185.
2170:
2159:(2): 447β462.
2143:
2129:
2115:
2097:
2074:
2073:
2071:
2068:
2066:
2065:
2060:
2058:Unicorn bubble
2055:
2050:
2045:
2040:
2035:
2030:
2025:
2020:
2015:
2010:
2004:
2002:Robert Shiller
1993:
1987:
1982:
1977:
1970:
1965:
1960:
1955:
1953:Business cycle
1950:
1944:
1942:
1939:
1938:
1937:
1931:
1925:
1919:
1913:
1906:
1903:
1902:
1901:
1895:
1889:
1881:
1878:
1877:
1876:
1868:
1865:
1864:
1863:
1862:
1861:
1855:
1850:
1845:
1840:
1835:
1827:
1819:
1816:
1815:
1814:
1811:Dot-com bubble
1808:
1802:
1796:
1788:
1785:
1784:
1783:
1777:
1771:
1765:
1757:
1754:
1752:
1749:
1748:
1747:
1741:
1736:
1730:
1724:
1708:
1705:
1703:
1700:
1699:
1698:
1695:
1688:
1684:
1681:
1678:
1675:
1671:
1668:
1661:housing bubble
1644:
1643:Identification
1641:
1640:
1639:
1636:
1633:
1630:
1627:
1619:
1616:
1599:
1596:
1547:George W. Bush
1523:
1520:
1491:
1488:
1463:
1461:
1458:
1446:Main article:
1443:
1440:
1438:
1435:
1401:
1355:
1352:
1347:Preston Teeter
1318:
1315:
1311:post-Keynesian
1253:
1250:
1225:United Kingdom
1221:housing market
1212:
1209:
1186:debt-deflation
1146:
1143:
1119:debt deflation
1109:
1106:
1102:dot-com bubble
1084:
1081:
1076:
1073:
1065:progressively,
1057:debt deflation
1000:
999:Origin of term
997:
965:Uranium bubble
945:dot-com bubble
919:
918:
916:
915:
908:
901:
893:
890:
889:
888:
887:
875:
860:
859:
856:
855:
850:
840:
835:
829:
824:
823:
820:
819:
814:
813:
806:
801:
796:
791:
786:
781:
776:
771:
766:
761:
756:
751:
746:
741:
736:
731:
726:
721:
716:
711:
706:
701:
696:
691:
686:
681:
676:
671:
666:
661:
656:
651:
646:
641:
636:
631:
626:
621:
616:
611:
606:
601:
596:
591:
586:
581:
576:
571:
566:
561:
556:
551:
546:
541:
536:
531:
526:
521:
516:
511:
506:
501:
496:
491:
486:
481:
476:
470:
469:
468:
462:
461:
458:
457:
454:
453:
448:
443:
438:
433:
428:
423:
418:
413:
408:
399:
394:
389:
384:
379:
374:
372:Organizational
369:
364:
359:
354:
349:
344:
339:
334:
329:
324:
319:
314:
309:
304:
299:
294:
289:
284:
279:
274:
269:
264:
259:
254:
249:
244:
239:
234:
229:
224:
218:
216:By application
215:
214:
211:
210:
207:
206:
201:
196:
191:
186:
181:
176:
171:
166:
161:
155:
152:
151:
148:
147:
144:
143:
138:
133:
128:
123:
118:
109:
104:
99:
94:
88:
82:
81:
78:
77:
76:
75:
70:
65:
57:
56:
48:
47:
41:
40:
26:
9:
6:
4:
3:
2:
6303:
6292:
6289:
6287:
6284:
6282:
6279:
6277:
6274:
6273:
6271:
6255:
6251:
6248:
6244:
6241:
6237:
6234:
6230:
6229:
6226:
6219:
6215:
6212:
6208:
6205:
6201:
6197:
6193:
6190:
6186:
6183:
6179:
6175:
6171:
6166:
6162:
6159:
6155:
6152:
6148:
6147:
6145:
6141:
6137:
6133:
6129:
6125:
6121:
6117:
6113:
6109:
6106:
6102:
6098:
6094:
6090:
6086:
6083:
6079:
6076:
6072:
6069:
6065:
6062:
6058:
6054:
6050:
6047:
6043:
6039:
6035:
6032:
6028:
6025:
6021:
6018:
6014:
6011:
6007:
6003:
5999:
5995:
5991:
5988:
5984:
5981:
5977:
5974:
5970:
5969:
5967:
5963:
5959:
5950:
5946:
5943:
5939:
5936:
5932:
5929:
5925:
5922:
5918:
5915:
5911:
5908:
5904:
5901:
5897:
5894:
5890:
5887:
5883:
5880:
5876:
5873:
5869:
5866:
5862:
5859:
5855:
5852:
5851:December 2008
5848:
5845:
5844:November 2008
5841:
5838:
5834:
5831:
5827:
5826:
5824:
5820:
5819:
5817:
5813:
5809:
5801:
5797:
5794:
5790:
5787:
5783:
5779:
5775:
5772:
5768:
5765:
5761:
5758:
5754:
5751:
5747:
5744:
5740:
5736:
5732:
5728:
5724:
5720:
5716:
5713:
5709:
5706:
5702:
5699:
5695:
5692:
5688:
5685:
5681:
5677:
5673:
5670:
5666:
5663:
5659:
5655:
5651:
5648:
5644:
5640:
5636:
5633:
5629:
5626:
5622:
5619:
5615:
5612:
5608:
5604:
5600:
5596:
5592:
5589:
5585:
5582:
5578:
5574:
5570:
5566:
5562:
5559:
5555:
5552:
5548:
5545:
5541:
5537:
5533:
5529:
5525:
5524:
5522:
5518:
5513:
5509:
5501:
5497:
5494:
5490:
5487:
5483:
5479:
5475:
5471:
5467:
5464:
5460:
5457:
5453:
5450:
5446:
5442:
5438:
5437:
5435:
5431:
5427:
5420:
5416:
5413:
5409:
5408:
5406:
5402:
5398:
5391:
5390:Panic of 1930
5387:
5384:
5380:
5376:
5372:
5368:
5364:
5360:
5356:
5355:
5353:
5349:
5345:
5338:
5334:
5331:
5327:
5323:
5319:
5316:
5315:Panic of 1907
5312:
5309:
5308:Panic of 1901
5305:
5302:
5301:Panic of 1896
5298:
5294:
5290:
5287:
5283:
5280:
5279:Panic of 1893
5276:
5272:
5268:
5264:
5263:Baring crisis
5260:
5256:
5255:Arendal crash
5252:
5249:
5248:Panic of 1884
5245:
5242:
5238:
5235:
5234:Panic of 1873
5231:
5230:
5228:
5224:
5220:
5212:
5208:
5205:
5204:Panic of 1866
5201:
5198:
5197:Panic of 1857
5194:
5191:
5190:Panic of 1847
5187:
5182:
5178:
5175:
5171:
5170:
5167:
5163:
5162:
5160:
5156:
5149:
5148:Panic of 1837
5145:
5142:
5141:Panic of 1825
5138:
5135:
5134:Panic of 1819
5131:
5127:
5123:
5120:
5116:
5113:
5109:
5106:
5105:Panic of 1792
5102:
5099:
5095:
5091:
5087:
5084:
5080:
5076:
5072:
5069:
5065:
5064:
5062:
5058:
5054:
5046:
5042:
5038:
5034:
5030:
5026:
5022:
5021:
5016:
5012:
5008:
5004:
5000:
4996:
4992:
4991:
4989:
4985:
4981:
4973:
4969:
4968:
4966:
4964:
4959:
4952:
4948:
4945:
4944:Social crisis
4941:
4938:
4937:Minsky moment
4934:
4929:
4925:
4922:
4918:
4915:
4911:
4908:
4904:
4903:
4901:
4897:
4894:
4890:
4887:
4883:
4878:
4874:
4873:
4871:
4867:
4864:
4863:Energy crisis
4860:
4857:
4853:
4850:
4846:
4843:
4839:
4836:
4835:Credit crunch
4832:
4829:
4825:
4822:
4818:
4817:
4814:
4810:
4803:
4798:
4796:
4791:
4789:
4784:
4783:
4780:
4768:
4765:
4763:
4760:
4758:
4755:
4753:
4750:
4748:
4747:Carbon bubble
4745:
4744:
4741:
4734:
4731:
4728:
4725:
4722:
4719:
4716:
4713:
4710:
4707:
4704:
4701:
4700:
4698:
4694:
4690:
4684:
4681:
4679:
4676:
4675:
4671:
4668:
4665:
4662:
4659:
4656:
4653:
4650:
4647:
4644:
4641:
4638:
4635:
4632:
4629:
4626:
4623:
4620:
4617:
4614:
4611:
4608:
4605:
4602:
4599:
4596:
4593:
4590:
4588:
4585:
4584:
4582:
4578:
4573:
4569:
4562:
4559:
4556:
4553:
4550:
4547:
4545:
4542:
4541:
4539:
4535:
4531:
4524:
4521:
4518:
4515:
4512:
4509:
4508:
4506:
4502:
4498:
4491:
4488:
4486:
4483:
4480:
4477:
4474:
4471:
4468:
4465:
4462:
4459:
4456:
4453:
4452:
4450:
4446:
4442:
4435:
4432:
4429:
4426:
4423:
4420:
4417:
4414:
4411:
4408:
4405:
4402:
4399:
4396:
4393:
4390:
4387:
4384:
4381:
4378:
4375:
4372:
4369:
4366:
4363:
4360:
4357:
4354:
4351:
4350:Ohio oil rush
4348:
4345:
4342:
4339:
4336:
4333:
4330:
4327:
4324:
4321:
4318:
4315:
4312:
4310:
4307:
4306:
4304:
4300:
4296:
4289:
4286:
4283:
4280:
4277:
4274:
4271:
4268:
4265:
4262:
4259:
4256:
4253:
4250:
4247:
4244:
4241:
4238:
4235:
4232:
4229:
4226:
4223:
4220:
4217:
4214:
4211:
4208:
4205:
4202:
4199:
4196:
4193:
4190:
4187:
4184:
4181:
4178:
4175:
4172:
4169:
4168:Railway Mania
4166:
4165:
4163:
4159:
4152:
4149:
4147:
4144:
4141:
4138:
4136:
4133:
4130:
4127:
4124:
4121:
4120:
4118:
4114:
4110:
4103:
4100:
4097:
4094:
4091:
4088:
4085:
4082:
4081:
4079:
4075:
4071:
4065:
4062:
4060:
4057:
4055:
4052:
4050:
4047:
4045:
4042:
4040:
4037:
4036:
4033:
4029:
4022:
4017:
4015:
4010:
4008:
4003:
4002:
3999:
3988:
3985:
3983:
3980:
3978:
3975:
3973:
3970:
3968:
3965:
3963:
3960:
3958:
3955:
3953:
3950:
3948:
3945:
3943:
3940:
3938:
3935:
3933:
3930:
3928:
3925:
3923:
3922:Eco-socialism
3920:
3918:
3915:
3913:
3910:
3908:
3905:
3903:
3900:
3898:
3895:
3893:
3890:
3888:
3885:
3883:
3880:
3878:
3874:
3869:
3866:
3864:
3861:
3859:
3856:
3854:
3851:
3849:
3846:
3844:
3841:
3839:
3836:
3834:
3832:
3828:
3823:
3820:
3818:
3815:
3813:
3810:
3808:
3805:
3803:
3800:
3798:
3797:Labour supply
3795:
3793:
3790:
3788:
3785:
3783:
3780:
3778:
3775:
3773:
3770:
3768:
3764:
3759:
3756:
3754:
3751:
3749:
3746:
3744:
3741:
3739:
3736:
3734:
3731:
3728:
3726:
3723:
3721:
3718:
3716:
3715:Individualism
3713:
3711:
3708:
3706:
3703:
3701:
3698:
3696:
3693:
3691:
3688:
3686:
3683:
3681:
3679:
3675:
3670:
3667:
3665:
3662:
3660:
3657:
3655:
3652:
3650:
3647:
3645:
3642:
3640:
3637:
3635:
3632:
3630:
3627:
3625:
3622:
3620:
3617:
3615:
3612:
3610:
3607:
3605:
3602:
3600:
3597:
3595:
3592:
3590:
3587:
3585:
3582:
3580:
3577:
3575:
3574:
3573:Laissez-faire
3570:
3568:
3565:
3563:
3560:
3558:
3555:
3553:
3550:
3548:
3545:
3543:
3540:
3538:
3537:Authoritarian
3535:
3533:
3530:
3528:
3524:
3518:
3515:
3513:
3510:
3508:
3505:
3503:
3500:
3498:
3495:
3493:
3490:
3488:
3487:Privatization
3485:
3483:
3480:
3478:
3475:
3473:
3470:
3468:
3465:
3463:
3460:
3458:
3457:Merchantilism
3455:
3453:
3450:
3448:
3445:
3443:
3440:
3438:
3435:
3433:
3430:
3428:
3427:Globalization
3425:
3423:
3420:
3418:
3415:
3413:
3410:
3408:
3405:
3403:
3400:
3398:
3395:
3393:
3390:
3388:
3385:
3383:
3380:
3378:
3375:
3373:
3370:
3368:
3365:
3363:
3360:
3358:
3355:
3353:
3350:
3349:
3347:
3343:
3339:
3333:
3329:
3322:
3317:
3315:
3310:
3308:
3303:
3302:
3299:
3292:
3289:
3288:
3278:
3272:
3268:
3263:
3262:
3256:
3252:
3248:
3247:
3227:
3223:
3217:
3202:
3198:
3191:
3173:
3167:
3152:
3148:
3141:
3125:
3121:
3120:Bloomberg.com
3117:
3111:
3096:
3092:
3085:
3070:
3063:
3056:
3048:
3046:9780333970294
3042:
3038:
3031:
3024:
3020:
3019:
3018:The Economist
3014:
3008:
2993:
2992:
2987:
2980:
2965:
2961:
2957:
2953:
2946:
2938:
2934:
2929:
2924:
2919:
2914:
2910:
2906:
2902:
2898:
2894:
2887:
2872:
2868:
2861:
2846:
2845:
2840:
2833:
2825:
2819:
2815:
2814:
2806:
2787:
2783:
2779:
2775:
2771:
2764:
2757:
2755:
2746:
2742:
2735:
2733:
2731:
2722:
2716:
2712:
2705:
2697:
2693:
2689:
2685:
2680:
2675:
2671:
2667:
2660:
2644:
2640:
2639:New Scientist
2636:
2629:
2627:
2618:
2614:
2610:
2606:
2602:
2598:
2591:
2589:
2587:
2585:
2576:
2572:
2568:
2564:
2560:
2556:
2549:
2540:
2539:10.3386/w3091
2535:
2532:: 1189β1214.
2531:
2527:
2523:
2516:
2508:
2504:
2499:
2494:
2490:
2486:
2482:
2475:
2467:
2463:
2459:
2453:
2445:
2444:
2439:
2434:
2430:
2424:
2408:
2404:
2397:
2391:
2387:
2383:
2379:
2374:
2366:
2360:
2356:
2352:
2348:
2347:George, Soros
2342:
2335:
2331:
2326:
2318:
2312:
2309:. Routledge.
2308:
2307:
2302:
2296:
2281:. 28 May 2013
2280:
2276:
2270:
2263:
2257:
2249:
2243:
2235:
2231:
2227:
2223:
2216:
2209:
2201:
2197:
2193:
2189:
2185:
2181:
2174:
2166:
2162:
2158:
2154:
2147:
2139:
2133:
2125:
2119:
2108:
2101:
2095:
2091:
2087:
2086:
2079:
2075:
2064:
2061:
2059:
2056:
2054:
2051:
2049:
2046:
2044:
2041:
2039:
2036:
2034:
2031:
2029:
2026:
2024:
2021:
2019:
2016:
2014:
2011:
2008:
2005:
2003:
1999:
1998:
1994:
1991:
1988:
1986:
1983:
1981:
1978:
1976:
1975:
1971:
1969:
1966:
1964:
1961:
1959:
1958:Carbon bubble
1956:
1954:
1951:
1949:
1948:Boom and bust
1946:
1945:
1935:
1932:
1929:
1926:
1923:
1920:
1917:
1914:
1912:
1911:Panic of 1837
1909:
1908:
1899:
1896:
1893:
1890:
1887:
1884:
1883:
1874:
1871:
1870:
1859:
1856:
1854:
1851:
1849:
1846:
1844:
1841:
1839:
1836:
1834:
1831:
1830:
1828:
1825:
1822:
1821:
1812:
1809:
1806:
1803:
1800:
1797:
1794:
1791:
1790:
1781:
1780:Railway Mania
1778:
1775:
1772:
1769:
1766:
1763:
1760:
1759:
1745:
1742:
1740:
1737:
1734:
1731:
1728:
1725:
1722:
1719:
1718:
1713:
1696:
1693:
1689:
1685:
1682:
1679:
1676:
1672:
1669:
1666:
1662:
1658:
1657:
1656:
1649:
1637:
1634:
1631:
1628:
1625:
1624:
1623:
1615:
1613:
1609:
1605:
1595:
1592:
1586:
1583:
1577:
1575:
1571:
1567:
1561:
1559:
1555:
1554:
1553:The Economist
1548:
1544:
1539:
1537:
1533:
1528:
1519:
1516:
1511:
1509:
1505:
1501:
1500:herd behavior
1497:
1487:
1486:investments.
1483:
1480:
1479:Extrapolation
1475:
1473:
1467:
1460:Extrapolation
1457:
1454:
1449:
1434:
1431:
1427:
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1400:
1398:
1397:Ponzi schemes
1394:
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1367:Axel A. Weber
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1246:interest rate
1241:
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1230:
1226:
1222:
1218:
1217:wealth effect
1208:
1206:
1202:
1197:
1195:
1191:
1190:Irving Fisher
1187:
1182:
1180:
1177:
1173:
1171:
1170:fiscal policy
1167:
1163:
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1154:
1152:
1142:
1140:
1136:
1132:
1128:
1124:
1120:
1115:
1105:
1103:
1099:
1095:
1090:
1083:Equity bubble
1080:
1072:
1070:
1066:
1062:
1058:
1052:
1050:
1046:
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402:Public choice
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377:Participation
375:
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337:Institutional
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320:
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305:
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300:
298:
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287:Expeditionary
285:
283:
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277:Environmental
275:
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107:International
105:
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90:
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83:Branches and
80:
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69:
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61:
60:
59:
58:
54:
50:
49:
46:
43:
42:
38:
34:
33:
30:
19:
5837:October 2008
5719:Samba effect
5575:(1987β2000s)
5470:Steel crisis
5293:Black Monday
5271:Encilhamento
5211:Black Friday
5018:
4974:(235β284 CE)
4842:Credit cycle
4752:Green bubble
4374:Encilhamento
4044:Credit cycle
4039:Market trend
4027:
3868:Wage slavery
3822:Unemployment
3802:Productivity
3733:Philanthropy
3594:Mercantilist
3571:
3542:Conservative
3381:
3377:Deregulation
3338:perspectives
3336:Aspects and
3260:
3229:. Retrieved
3225:
3216:
3204:. Retrieved
3200:
3190:
3178:. Retrieved
3166:
3154:. Retrieved
3150:
3140:
3128:. Retrieved
3124:the original
3119:
3110:
3098:. Retrieved
3094:
3084:
3072:. Retrieved
3068:
3055:
3036:
3030:
3022:
3016:
3007:
2995:. Retrieved
2991:The Atlantic
2989:
2979:
2967:. Retrieved
2955:
2945:
2900:
2896:
2886:
2874:. Retrieved
2860:
2848:. Retrieved
2842:
2832:
2816:. Springer.
2812:
2805:
2793:. Retrieved
2786:the original
2773:
2770:Econometrica
2769:
2710:
2704:
2669:
2666:Econometrica
2665:
2659:
2647:. Retrieved
2643:the original
2638:
2603:(1): 91β99.
2600:
2596:
2558:
2554:
2548:
2529:
2525:
2515:
2491:(2): 35β54.
2488:
2484:
2474:
2466:the original
2461:
2452:
2441:
2429:Ghostarchive
2427:Archived at
2423:
2411:. Retrieved
2406:
2396:
2385:
2377:
2373:
2354:
2341:
2334:George Soros
2329:
2325:
2305:
2295:
2283:. Retrieved
2278:
2269:
2261:
2256:
2242:
2225:
2221:
2208:
2183:
2179:
2173:
2156:
2152:
2146:
2132:
2118:
2100:
2089:
2083:
2078:
1995:
1990:Hyman Minsky
1972:
1782:(UK) (1840s)
1654:
1621:
1601:
1587:
1581:
1578:
1562:
1551:
1540:
1527:Moral hazard
1525:
1522:Moral hazard
1512:
1493:
1484:
1477:
1469:
1465:
1451:
1423:
1419:
1415:
1410:Paul Krugman
1407:
1403:
1375:
1357:
1343:
1328:
1324:
1320:
1300:
1292:
1290:
1286:
1270:
1265:
1258:George Soros
1255:
1252:In economics
1242:
1214:
1198:
1183:
1174:
1155:
1148:
1111:
1086:
1078:
1064:
1053:
1038:
1012:A Satire of
1011:
993:
937:asset prices
932:
928:
924:
922:
843:Publications
808:
431:Sociological
404: /
302:Geographical
282:Evolutionary
257:Digitization
222:Agricultural
126:Mathematical
97:Econometrics
29:
6114:(2017β2018)
6099:(2016β2022)
6055:(2014β2022)
5815:(2007β2009)
5780:(2003β2008)
5729:(2000β2004)
5678:(1994β1996)
5656:(1992β1994)
5641:(1991β2000)
5605:(1990β1992)
5597:(1990β1992)
5567:(1986β1995)
5530:(1982β1994)
5520:(1982β2007)
5502:(1980β1982)
5480:(1975β1982)
5472:(1973β1982)
5443:(1973β1980)
5433:(1973β1982)
5404:(1945β1973)
5369:(1921β1923)
5361:(1917β1924)
5351:(1918β1939)
5273:(1890β1893)
5226:(1870β1914)
5168:(1845β1856)
5128:(1815β1816)
5077:(1769β1784)
5060:(1760β1840)
5023:(1621β1623)
5005:(1544β1551)
4987:(1000β1760)
4886:Flash crash
4856:Debt crisis
4705:(2008β2014)
4672:(2005β2008)
4666:(2005β2011)
4654:(2002β2008)
4648:(2002β2007)
4642:(2002β2006)
4636:(2001β2006)
4630:(2000β2008)
4618:(2000β2006)
4612:(1995β2000)
4606:(1986β1990)
4600:(1985β2008)
4580:(1982β2007)
4551:(1977β1981)
4537:(1973β1982)
4525:(1969β1970)
4504:(1945β1973)
4492:(1932β1942)
4481:(1918β1945)
4469:(1918β1945)
4448:(1918β1939)
4436:(1909β1918)
4430:(1903β1918)
4424:(1901β1918)
4412:(1899β1909)
4400:(1897β1899)
4394:(1896β1903)
4388:(1896β1899)
4376:(1886β1890)
4358:(1883β1906)
4334:(1879β1893)
4328:(1874β1880)
4302:(1870β1914)
4278:(1865β1867)
4266:(1864β1867)
4260:(1861β1874)
4254:(1861β1867)
4248:(1861β1864)
4242:(1861β1864)
4224:(1859β1891)
4212:(1858β1861)
4200:(1851β1914)
4194:(1851β1880)
4176:(1848β1855)
4153:(1830β1850)
4131:(1802β1825)
4123:Canal Mania
4116:(1760β1840)
4104:(1757β1769)
4098:(1711β1720)
4092:(1684β1720)
4086:(1634β1637)
4084:Tulip mania
4077:(1000β1760)
3987:Syndicalism
3907:Communalism
3772:Corporatism
3748:Rule of law
3695:Consumerism
3685:Advertising
3584:Libertarian
3562:Free-market
3532:Anglo-Saxon
3512:Wage labour
3462:Meritocracy
3412:Externality
3367:Competition
3100:29 November
3074:29 November
2876:11 November
2649:15 December
2082:Quote from
2048:Speculation
1936:(2008β2012)
1930:(2002β2003)
1924:(1990β2013)
1918:(1929β1934)
1900:(2020β2021)
1888:(1986β1991)
1818:Real estate
1807:(2003β2007)
1774:Canal Mania
1729:(1985β1993)
1721:Tulip mania
1707:Commodities
1532:risk-return
1515:mutual fund
1393:real estate
1379:exogenously
1339:speculation
1281:procyclical
1262:Karl Popper
1233:New Zealand
1108:Debt bubble
1094:Tulip Mania
1049:tulip mania
1022: 1640
1014:Tulip Mania
969:real estate
961:commodities
949:Tulip mania
679:von Neumann
332:Information
272:Engineering
252:Development
247:Demographic
189:Game theory
131:Methodology
6270:Categories
4907:Accounting
3876:Antithesis
3807:Prosperity
3782:Employment
3729:Mainstream
3720:Liberalism
3644:Regulatory
3619:Neoliberal
3567:Humanistic
3552:Democratic
3507:Regulation
3372:Depression
3328:Capitalism
2776:(4): 831.
2413:12 October
2336:, pp 27β45
2332:(1987) by
2301:Popper, K.
2070:References
1437:Psychology
1188:theory of
1133:) and the
1100:, and the
838:Economists
709:Schumacher
614:Schumpeter
584:von Wieser
504:von ThΓΌnen
465:economists
441:Statistics
436:Solidarity
357:Managerial
322:Humanistic
317:Historical
262:Ecological
227:Behavioral
121:Mainstream
6165:Recession
5158:1840β1870
4735:(2020β21)
4272:(c. 1865)
4161:1840β1870
3982:Socialism
3957:Mutualism
3912:Communism
3882:Anarchism
3831:Criticism
3812:Syndicate
3547:Corporate
3502:Recession
3477:Oligopoly
3442:Invention
3231:31 August
3206:31 August
3180:31 August
3156:31 August
3130:31 August
2997:31 August
2969:11 August
2964:1059-1028
2871:Bloomberg
2850:24 August
2795:16 August
2674:CiteSeerX
2617:156163200
2507:154443701
2303:(2013) .
2285:31 August
2200:0022-1082
1687:investor.
1604:inflation
1574:collusion
1570:oligopoly
1354:Liquidity
1229:Australia
1069:leveraged
754:Greenspan
719:Samuelson
699:Galbraith
669:Tinbergen
609:von Mises
604:Heckscher
564:Edgeworth
382:Personnel
342:Knowledge
307:Happiness
297:Financial
267:Education
242:Democracy
136:Political
102:Heterodox
45:Economics
4821:Bank run
3609:National
3604:Monopoly
3557:Dirigist
3526:Ideology
3257:(2009).
2937:26185988
2897:PLOS ONE
2431:and the
2409:. London
2349:(2008).
1941:See also
1751:Equities
1582:de facto
1498:lies in
1313:branch.
1059:and the
983:and the
953:equities
847:journals
833:Glossary
784:Stiglitz
749:Rothbard
729:Buchanan
714:Friedman
704:Koopmans
694:Leontief
674:Robinson
559:Marshall
463:Notable
411:Regional
387:Planning
362:Monetary
292:Feminist
237:Cultural
232:Business
37:a series
35:Part of
4921:Funding
4914:Capital
4729:(2011β)
4723:(2010β)
4717:(2008β)
4711:(2008β)
4660:(2002β)
4594:(1982β)
3863:Marxism
3725:Liberty
3669:Welfare
3629:Private
3579:Liberal
3345:General
2928:4506134
2905:Bibcode
2696:1911361
2575:2233855
2443:YouTube
1875:(2010β)
1490:Herding
1223:in the
1156:Within
1098:Bitcoin
989:Fed put
853:Schools
845: (
804:Piketty
799:Krugman
664:Kuznets
654:Kalecki
629:Polanyi
519:Cournot
514:Bastiat
499:Ricardo
489:Malthus
479:Quesnay
451:Welfare
421:Service
92:Applied
68:Outline
63:History
6091:(2016)
5737:(2001)
5721:(1999)
5538:(1982)
5377:(1927)
5324:(1910)
5295:(1894)
5265:(1890)
5257:(1886)
5213:(1869)
5047:(1720)
5039:(1720)
5031:(1637)
4928:Market
4557:(1980)
4370:(1886)
4364:(1884)
4290:(1869)
4284:(1869)
4236:(1861)
4230:(1860)
4218:(1859)
4206:(1858)
4182:(1851)
3654:Social
3624:Nordic
3589:Market
3517:Wealth
3492:Profit
3273:
3043:
2962:
2935:
2925:
2820:
2745:960178
2743:
2717:
2694:
2676:
2615:
2573:
2505:
2361:
2313:
2198:
1894:(1997)
1674:loans.
1618:Stages
1566:cartel
1389:stocks
1317:Causes
1145:Impact
1089:equity
971:(e.g.
963:(e.g.
955:(e.g.
789:Thaler
769:Ostrom
764:Becker
759:Sowell
739:Baumol
644:Myrdal
639:Sraffa
634:Frisch
624:Knight
619:Keynes
594:Fisher
589:Veblen
574:Pareto
554:Menger
549:George
544:Jevons
539:Walras
529:Gossen
397:Public
392:Policy
347:Labour
312:Health
169:Market
3659:State
3649:Rhine
3599:Mixed
3175:(PDF)
3065:(PDF)
2956:Wired
2789:(PDF)
2766:(PDF)
2692:JSTOR
2613:S2CID
2571:JSTOR
2503:S2CID
2218:(PDF)
2110:(PDF)
1608:asset
1598:Other
1363:banks
1237:Spain
1205:Japan
1075:Types
931:or a
826:Lists
794:Hoppe
779:Lucas
744:Solow
734:Arrow
724:Simon
689:Lange
684:Hicks
659:RΓΆpke
649:Hayek
599:Pigou
569:Clark
484:Smith
446:Urban
426:Socio
416:Rural
116:Macro
112:Micro
73:Index
5858:2009
4963:1000
4961:Pre-
3271:ISBN
3233:2017
3208:2017
3182:2017
3158:2017
3132:2017
3102:2018
3095:SSRN
3076:2018
3041:ISBN
2999:2017
2971:2023
2960:ISSN
2933:PMID
2878:2016
2852:2015
2818:ISBN
2797:2019
2741:SSRN
2715:ISBN
2651:2008
2415:2015
2359:ISBN
2311:ISBN
2287:2017
2196:ISSN
1867:Debt
1572:and
1391:and
1168:and
1114:debt
810:more
534:Marx
524:Mill
509:List
3634:Raw
3614:Neo
2923:PMC
2913:doi
2778:doi
2684:doi
2605:doi
2563:doi
2559:101
2534:doi
2493:doi
2230:doi
2226:124
2188:doi
2161:doi
2092:by
2088:or
2000:by
1428:as
1141:).
1104:.
1087:An
1010:'s
991:).
967:),
959:),
923:An
774:Sen
494:Say
352:Law
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2988:.
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2954:.
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2911:.
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2899:.
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2869:.
2841:.
2774:69
2772:.
2768:.
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2670:56
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1196:.
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