Economic bubble - Knowledge (XXG)

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 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'. 1648: 1712: 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 1029: 53: 880: 868: 1576:) – 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.

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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.

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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

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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

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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

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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

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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,

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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

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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

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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

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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

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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

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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

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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,

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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

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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.

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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

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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.

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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.

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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

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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

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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

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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.

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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.

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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

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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

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The large firm or cartel – which has intentionally leveraged itself to withstand the price decline it engineered – 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

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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

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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.

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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 – or several large firms acting in concert (see

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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

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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.

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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

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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"

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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

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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.

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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.).

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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 5653: 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

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But these aren’t just a series of unrelated accidents. Instead, what we’re seeing is what happens when too much money is chasing too few investment opportunities.

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Brown, James R.; Fazzari, Steven M.; Petersen, Bruce C. (2009). "Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom".

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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

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Smith, Vernon L.; Suchanek, Gerry L.; Williams, Arlington W. (1988). "Bubbles, Crashes, and Endogenous Expectations in Experimental Spot Asset Markets".

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Rationalizing borrowing, lending, and purchase decisions based on expected future price increases rather than the ability of the borrower to repay.

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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).

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provides a measure of stock prices relative to corporate earnings; higher readings indicate investors are paying more for each dollar of earnings.

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Unusual changes in single measures, or relationships among measures (e.g., ratios) relative to their historical levels. For example, in the

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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

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cycle is capable of accelerating innovation process and propelling faster productivity growth. Three instances of an equity bubble are the

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can lead to an increasingly fragile economy, and may also be part of what pushes asset prices artificially upward until the bubble pops.

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Brown, James R.; Martinsson, Gustav; Petersen, Bruce C. (2017). "What promotes R&D? Comparative evidence from around the world".

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and view the state as a passive or reactive factor. This may determine how central or relatively minor/inconsequential policies like

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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. 6210: 6016: 5668: 5535: 5285: 3044: 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" 1003: 5455: 2785: 1298:, argued that Soros' concept of reflexivity is useful in understanding China's economy and how the Chinese government manages it. 5067: 4239: 1622:

According to the economist Charles P. Kindleberger, the basic structure of a speculative bubble can be divided into five phases:

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Rationalizing asset prices by increasingly weaker arguments, such as "this time it's different" or "housing prices only go up."

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Elevated usage of debt (leverage) to purchase assets, such as purchasing stocks on margin or homes with a lower down payment.

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A protracted period of low risk premiums can simply prolong the downturn in asset price deflation, as was the case of the

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internationalized investment as reasons why narratives play such an influential role in the growth of asset bubbles.

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is excessive monetary liquidity in the financial system, inducing lax or inappropriate standards of lending by the

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While there is no clear agreement on what causes bubbles, there is evidence to suggest that they are not caused by

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may differ in certain details according to economic philosophy. Those who believe the money supply is controlled

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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 5864: 5527: 5499: 5336: 4657: 4645: 4275: 3572: 3536: 3311: 1852: 1590: 1507: 1310: 1193: 1153:; they are not generally considered beneficial, but it is debated how harmful their formation and bursting is. 1007: 825: 563: 518: 371: 140: 84: 4209: 578: 1632:

Euphoria: A democratization of speculative investments, and a detachment from real rational valuable objects.

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Financial distress: Prices begin to plateau, investors start considering selling to cover their liabilities.

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Displacement: An sufficient external shock to the macroeconomic system, creating new profit opportunities.

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them to overbid those risky assets in order to attempt to continue to capture those same rates of return.

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There are different types of bubbles, with economists primarily interested in two major types of bubbles:

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Levine, Sheen S.; Zajac, Edward J. (27 June 2007). The Institutional Nature of Price Bubbles (Report).

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titled "The worldwide rise in house prices is the biggest bubble in history". A historical example was

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with the hope that it would develop reflexivity further. The Institute works with several types of

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Teeter, Preston; Sandberg, Jorgen (2017). "Cracking the enigma of asset bubbles with narratives".

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Revulsion: prices plummet as investors race to sell first, panic spreads and feeds back on itself.

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Harmon, D; Lagi, M; de Aguiar, MAM; Chinellato, DD; Braha, D; Epstein, IR; et al. (2015).

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Topol, Richard (1991). "Bubbles and Volatility of Stock Prices: Effect of Mimetic Contagion".

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relationship. A moral hazard can occur when this relationship is interfered with, often via

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of the 2000s, the housing prices were unusually high relative to income. For stocks, the

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Economic or asset price bubbles are often characterized by one or more of the following:

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The term "bubble" should indicate a price that no reasonable future outcome can justify.

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possibility of making a return on their investment with the risk of making a loss – the

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The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means

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when the government can no longer maintain the fiat currency. Examples are the

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that tries precisely to detect those trends and follow them, which creates a

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argues that bubbles can be identified before the fact with high confidence.

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Theories of Finance and Financial Crisis – Lessons for the Great Recession

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A lower interest rate environment, which encourages lending and borrowing.

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Bubbles and Contagion in Financial Markets, Volume 1: An Integrative View

2275:"The Role of a Central Bank in a Bubble Economy – Section I – Gold Eagle" 1558:

intervention by the Dutch Parliament during the great Tulip Mania of 1637

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Fubarnomics: A Lighthearted, Serious Look at America's Economic Ills

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A high presence of marketing or media coverage related to the asset.

987:), are attributed to central banking liquidity (e.g. overuse of the 4777: 2390:

http://www.ft.com/cms/s/0/9553cce2-eb65-11dd-8838-0000779fd2ac.html

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or assumptions about the irrationality of others, as assumed by

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Manias, Panics and Crashes : A History of Financial Crises

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For example, Larry Summers, Joe Stiglitz, and Paul Volker in:

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Lei, Vivian; Noussair, Charles N.; Plott, Charles R. (2001).

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The impact of economic bubbles is debated within and between

2388:, The Credit Crunch According to Soros, January 30, 2009. 3261:

This Time is Different: Eight Centuries of Financial Folly

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Extraordinary Popular Delusions and the Madness of Crowds

3039:(4th ed.). Palgrave Macmillan UK. pp. 13–22. 951:). They have appeared in most asset classes, including 2330:

The Alchemy of Finance: Reading the mind of the Market

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Post-Napoleonic Irish grain price and land use shocks

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in the 1930s for much of the world and the 1990s for

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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. 2628: 2626: 1464: 1402: 6254:List of stock market crashes and bear markets 4793: 4012: 3312: 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: 8: 3147:"Part of the Problem: Stocks Are Expensive" 2357:(1st ed.). PublicAffairs. p. 66. 4800: 4786: 4778: 4019: 4005: 3997: 3319: 3305: 3297: 3291:When Bubbles Burst, World Economic Outlook 3035:Kindleberger, Charles (13 December 2001). 2382:http://www.tandfonline.com/toc/rjec20/20/4 1545:(TARP), signed into law by U.S. President 911: 897: 31: 6075:2015–2016 Chinese stock market turbulence 2926: 2916: 2677: 2537: 2496: 2264:(Buffalo, N.Y.: Prometheus, 2010), 51–52. 3062:"The British Railway Mania of the 1840s" 1301:In 2009, Soros funded the launch of the 2075: 43: 5980:Venezuelan banking crisis of 2009–2010 5750:South American economic crisis of 2002 5647:Black Wednesday (1992 Sterling crisis) 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 1711–1720 British 6031:2013 Chinese banking liquidity crisis 5987:2010–2014 Portuguese financial crisis 5463:Secondary banking crisis of 1973–1975 2713:. New York: Oxford University Press. 2635:"Why economic theory is out of whack" 2590: 2588: 2586: 2584: 2401:Kaletsky, Anatole (12 October 2015). 7: 6061:Russian financial crisis (2014–2016) 5914:2008–2011 Icelandic financial crisis 5907:2008–2009 Ukrainian financial crisis 5872:2000s U.S. housing market correction 5712:1998–2002 Argentine great depression 2485:The Journal of Economic Perspectives 2213:Acharya, Viral; Xu, Zhaoxia (2017). 1793:Roaring Twenties stock-market bubble 1494:Another related explanation used in 1240:exacerbating the economic slowdown. 6218:2023–2024 Egyptian financial crisis 6053:Puerto Rican government-debt crisis 6046:2014–2016 Brazilian economic crisis 5419:1963–1965 Indonesian hyperinflation 5322:Shanghai rubber stock market crisis 5011:Dutch Republic stock market crashes 3145:Leonhardt, David (25 August 2015). 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 6024:2012–2013 Cypriot financial crisis 5928:2008–2014 Spanish financial crisis 5900:2008–2009 Russian financial crisis 5893:2008–2009 Belgian financial crisis 5588:1988–1992 Norwegian banking crisis 5083:British credit crisis of 1772–1773 3089:Tuckett, David; Taffler, Richard. 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: 6211:2023 United States banking crisis 6017:2011 Bangladesh share market scam 5705:1998–1999 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 3122:. 6 December 2013. Archived from 2986:"Why Wall Street Always Blows It" 1271:Reflexivity is inconsistent with 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). 2837:Krugman, Paul (24 August 2015). 2192:10.1111/j.1540-6261.2008.01431.x 1061:Financial Instability Hypothesis 878: 866: 51: 5793:2007 Chinese stock bubble crash 5119:Danish state bankruptcy of 1813 2633:Buchanan, Mark (19 July 2008). 2378:Journal of economic methodology 153:Concepts, theory and techniques 27:Temporary spike in asset prices 6174:Chinese property sector crisis 6082:2015–2016 stock market selloff 6010:August 2011 stock markets fall 5921:2008–2011 Irish banking crisis 5618:1990s Swedish financial crisis 5367:Weimar Republic hyperinflation 4338:Western Australian gold rushes 2458:"Post Keynesian Working Group" 2222:Journal of Financial Economics 1369:, the former president of the 1: 6247:List of sovereign debt crises 6189:2022 Russian financial crisis 5886:2008 Latvian financial crisis 5879:U.S. bear market of 2007–2009 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 2043:Stock market crashes in India 1727:Comic book speculation bubble 1543:Troubled Asset Relief Program 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 5456:1973–1974 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 1219:). Many observers quote the 1135:United States housing bubble 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) 1892:1997 Asian financial crisis 1886:Japanese asset price bubble 1843:New Zealand property bubble 1151:schools of economic thought 981:1980s Japanese asset bubble 935:) is a period when current 6307: 6136:Sri Lankan economic crisis 5994:Energy crisis in Venezuela 5973:2009 Dubai debt standstill 5823:2007–2008 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 1445: 1384:fractional reserve banking 1273:general equilibrium theory 6227: 6204:2022 stock market decline 6196:Pakistani economic crisis 6182:2021–2023 inflation surge 6128:Lebanese liquidity crisis 6097:Venezuelan hyperinflation 6089:Brexit stock market crash 6038:Venezuela economic crisis 5800:Zimbabwean hyperinflation 5383:Wall Street Crash of 1929 5223:2nd Industrial Revolution 5057:1st Industrial Revolution 4815: 4757:Social media stock bubble 4742: 4299:2nd Industrial Revolution 4192:New South Wales gold rush 4113:1st Industrial Revolution 4034: 3792:Labour market flexibility 3467:Multinational corporation 3334: 2479:Garber, Peter M. (1990). 2403:"China is Not Collapsing" 2094:Oliver Wendell Holmes Sr. 2007:Jesse Lauriston Livermore 1746:(2016–2017, 2021–present) 985:2020–21 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: 1541:A recent example is the 1508:self-fulfilling prophecy 1194:Post-Keynesian economics 1192:, and elaborated within 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 1848:Spanish property bubble 1824:Florida building bubble 1801:(Australia) (1969–1970) 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:Shōwa 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 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:Post–WWII expansion 5075:Bengal bubble crash 4870:Financial contagion 4534:The Great Inflation 4517:Porcupine Gold Rush 4501:Post–WWII 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) (1634–1637) 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 1910–1911 5174:Great Irish Famine 5112:Panic of 1796–1797 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) (1790s–1810s) 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 6286:Business failures 6263: 6262: 6144:COVID-19 pandemic 5029:Tulip mania crash 5020:Kipper und Wipper 4997:(c. 1400–c. 1500) 4775: 4774: 4733:Everything bubble 4382:(c. 1890–c. 1910) 4362:Cayoosh Gold Rush 4352:(c. 1880–c. 1930) 4340:(c. 1880–c. 1900) 4322:(c. 1870–c. 1890) 4320:Cassiar Gold Rush 4316:(c. 1870–c. 1890) 4288:Omineca Gold Rush 4252:Cariboo Gold Rush 4234:Stikine Gold Rush 4170:(c. 1840–c. 1850) 4140:Georgia Gold Rush 4125:(c. 1790–c. 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: 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: 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: 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): 1119–1151. 2661: 2655: 2654: 2652: 2650: 2641:. Archived from 2630: 2621: 2620: 2592: 2579: 2578: 2561:(407): 786–800. 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) (2002–2006) 1826:(US) (1922–1926) 1813:(US) (1996–2000) 1795:(US) (1921–1929) 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: 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: 3249: 3246: 3244:Further reading 3241: 3240: 3230: 3228: 3220: 3219: 3215: 3205: 3203: 3194: 3193: 3189: 3179: 3177: 3174: 3170: 3169: 3165: 3155: 3153: 3144: 3143: 3139: 3129: 3127: 3114: 3113: 3109: 3099: 3097: 3088: 3087: 3083: 3073: 3071: 3064: 3059: 3058: 3054: 3047: 3034: 3033: 3029: 3011: 3010: 3006: 2996: 2994: 2983: 2982: 2978: 2968: 2966: 2950:Keim, Brandon. 2949: 2948: 2944: 2903:(7): e0131871. 2890: 2889: 2885: 2875: 2873: 2864: 2863: 2859: 2849: 2847: 2836: 2835: 2831: 2824: 2809: 2808: 2804: 2794: 2792: 2788: 2765: 2760: 2759: 2752: 2738: 2737: 2728: 2721: 2708: 2707: 2703: 2688:10.2307/1911361 2663: 2662: 2658: 2648: 2646: 2632: 2631: 2624: 2594: 2593: 2582: 2567:10.2307/2233855 2552: 2551: 2547: 2519: 2518: 2514: 2478: 2477: 2473: 2456: 2455: 2451: 2436: 2433:Wayback Machine 2426: 2422: 2412: 2410: 2400: 2399: 2395: 2386:Financial times 2376: 2372: 2365: 2345: 2344: 2340: 2328: 2324: 2317: 2299: 2298: 2294: 2284: 2282: 2273: 2272: 2268: 2259: 2255: 2246: 2245: 2241: 2217: 2212: 2211: 2207: 2177: 2176: 2172: 2153:Research Policy 2150: 2149: 2145: 2136: 2135: 2131: 2122: 2121: 2117: 2109: 2104: 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 Böhm-Bawerk 467: 456: 455: 217: 209: 208: 164:Economic growth 154: 146: 145: 87: 85:classifications 28: 23: 22: 15: 12: 11: 5: 6304: 6302: 6294: 6293: 6288: 6283: 6281:Business cycle 6278: 6268: 6267: 6261: 6260: 6258: 6257: 6250: 6243: 6236: 6228: 6225: 6224: 6222: 6221: 6214: 6207: 6200: 6198:(2022–present) 6192: 6185: 6178: 6176:(2020–present) 6170: 6169: 6168: 6161: 6154: 6140: 6138:(2019–present) 6132: 6130:(2019–present) 6124: 6122:(2018–present) 6116: 6108: 6101: 6093: 6085: 6078: 6071: 6064: 6057: 6049: 6042: 6040:(2013–present) 6034: 6027: 6020: 6013: 6006: 6004:(2011–present) 5998: 5996:(2010–present) 5990: 5983: 5976: 5968: 5966: 5965:(2009–present) 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:(2007–present) 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. 1780–1795) 5086: 5079: 5071: 5063: 5061: 5053: 5052: 5050: 5049: 5041: 5033: 5025: 5015: 5013:(c. 1600–1760) 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: 4807: 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:(2007–present) 4689: 4688: 4686: 4685: 4680: 4674: 4673: 4667: 4661: 4655: 4649: 4643: 4637: 4631: 4625: 4624:(c. 2000–2007) 4619: 4613: 4610:Dot-com bubble 4607: 4601: 4595: 4589: 4587:1980s oil glut 4583: 4581: 4568: 4567: 4565: 4564: 4563:(c. 1980–1982) 4558: 4552: 4546: 4540: 4538: 4530: 4529: 4527: 4526: 4520: 4519:(1945–c. 1960) 4514: 4513:(1945–c. 1950) 4511:Texas oil boom 4507: 4505: 4497: 4496: 4494: 4493: 4487: 4482: 4476: 4475:(1918–c. 1930) 4470: 4467:Texas oil boom 4464: 4463:(1918–c. 1930) 4458: 4457:(c. 1920–1925) 4451: 4449: 4441: 4440: 4438: 4437: 4431: 4425: 4422:Texas oil boom 4419: 4418:(c. 1900–1918) 4413: 4410:Nome Gold Rush 4407: 4406:(1897–c. 1925) 4401: 4395: 4389: 4383: 4377: 4371: 4365: 4359: 4353: 4347: 4346:(c. 1880–1903) 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:(1851–c. 1870) 4183: 4177: 4171: 4164: 4162: 4158: 4157: 4155: 4154: 4148: 4143: 4142:(1828–c. 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: 4026: 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: 3326: 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): 223–243. 2205: 2186:(1): 151–185. 2170: 2159:(2): 447–462. 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: 24: 14: 13: 10: 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: 3284: 3278: 3272: 3268: 3263: 3262: 3256: 3252: 3248: 3247: 3243: 3227: 3223: 3217: 3214: 3202: 3198: 3191: 3188: 3173: 3167: 3164: 3152: 3148: 3141: 3138: 3125: 3121: 3120:Bloomberg.com 3117: 3111: 3108: 3096: 3092: 3085: 3082: 3070: 3063: 3056: 3053: 3048: 3046:9780333970294 3042: 3038: 3031: 3028: 3024: 3020: 3019: 3018:The Economist 3014: 3008: 3005: 2993: 2992: 2987: 2980: 2977: 2965: 2961: 2957: 2953: 2946: 2943: 2938: 2934: 2929: 2924: 2919: 2914: 2910: 2906: 2902: 2898: 2894: 2887: 2884: 2872: 2868: 2861: 2858: 2846: 2845: 2840: 2833: 2830: 2825: 2819: 2815: 2814: 2806: 2803: 2787: 2783: 2779: 2775: 2771: 2764: 2757: 2755: 2751: 2746: 2742: 2735: 2733: 2731: 2727: 2722: 2716: 2712: 2705: 2702: 2697: 2693: 2689: 2685: 2680: 2675: 2671: 2667: 2660: 2657: 2644: 2640: 2639:New Scientist 2636: 2629: 2627: 2623: 2618: 2614: 2610: 2606: 2602: 2598: 2591: 2589: 2587: 2585: 2581: 2576: 2572: 2568: 2564: 2560: 2556: 2549: 2546: 2540: 2539:10.3386/w3091 2535: 2532:: 1189–1214. 2531: 2527: 2523: 2516: 2513: 2508: 2504: 2499: 2494: 2490: 2486: 2482: 2475: 2472: 2467: 2463: 2459: 2453: 2450: 2445: 2444: 2439: 2434: 2430: 2424: 2421: 2408: 2404: 2397: 2394: 2391: 2387: 2383: 2379: 2374: 2371: 2366: 2360: 2356: 2352: 2348: 2347:George, Soros 2342: 2339: 2335: 2331: 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Routledge. 2308: 2307: 2302: 2296: 2293: 2281:. 28 May 2013 2280: 2276: 2270: 2267: 2263: 2257: 2254: 2249: 2243: 2240: 2235: 2231: 2227: 2223: 2216: 2209: 2206: 2201: 2197: 2193: 2189: 2185: 2181: 2174: 2171: 2166: 2162: 2158: 2154: 2147: 2144: 2139: 2133: 2130: 2125: 2119: 2116: 2108: 2101: 2098: 2095: 2091: 2087: 2086: 2079: 2076: 2069: 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: 1940: 1935: 1932: 1929: 1926: 1923: 1920: 1917: 1914: 1912: 1911:Panic of 1837 1909: 1908: 1904: 1899: 1896: 1893: 1890: 1887: 1884: 1883: 1879: 1874: 1871: 1870: 1866: 1859: 1856: 1854: 1851: 1849: 1846: 1844: 1841: 1839: 1836: 1834: 1831: 1830: 1828: 1825: 1822: 1821: 1817: 1812: 1809: 1806: 1803: 1800: 1797: 1794: 1791: 1790: 1786: 1781: 1780:Railway Mania 1778: 1775: 1772: 1769: 1766: 1763: 1760: 1759: 1755: 1750: 1745: 1742: 1740: 1737: 1734: 1731: 1728: 1725: 1722: 1719: 1718: 1713: 1706: 1701: 1696: 1693: 1689: 1685: 1682: 1679: 1676: 1672: 1669: 1666: 1662: 1658: 1657: 1656: 1649: 1642: 1637: 1634: 1631: 1628: 1625: 1624: 1623: 1617: 1615: 1613: 1609: 1605: 1597: 1595: 1592: 1586: 1583: 1577: 1575: 1571: 1567: 1561: 1559: 1555: 1554: 1553:The Economist 1548: 1544: 1539: 1537: 1533: 1528: 1521: 1519: 1516: 1511: 1509: 1505: 1501: 1500:herd behavior 1497: 1489: 1487: 1486:investments. 1483: 1480: 1479:Extrapolation 1475: 1473: 1467: 1460:Extrapolation 1459: 1457: 1454: 1449: 1441: 1436: 1434: 1431: 1427: 1422: 1418: 1413: 1411: 1405: 1400: 1398: 1397:Ponzi schemes 1394: 1390: 1385: 1380: 1374: 1372: 1368: 1367:Axel A. 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