Speculative Manias

Charles P. Kindleberger and Robert Z. Aliber

Chapter 3 in Manias, Panics and Crashes, 2005, pp 33-54 from Palgrave Macmillan

Abstract: Abstract The word ‘mania’ in the chapter title suggests a loss of touch with rationality, something close to mass hysteria. Economic history is replete with canal manias, railroad manias, joint stock company manias, real estate manias and stock price manias. Economic theory is based on the assumption that men are rational. Since the rationality assumption that underlies economic theory does not appear to be consistent with these different manias, the two views must be reconciled. The thrust of this chapter is with investor demand for a particular type of asset or security while the next chapter focuses on the supply of credit and changes in the supply.

Keywords: Interest Rate; Real Estate; Initial Public Offering; Capital Gain; Real Estate Investment Trust (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-62804-5_3

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DOI: 10.1057/9780230628045_3

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