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Speculative Manias

In: Manias, Panics and Crashes

Author

Listed:
  • Charles P. Kindleberger
  • Robert Z. Aliber

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.

Suggested Citation

  • Charles P. Kindleberger & Robert Z. Aliber, 2005. "Speculative Manias," Palgrave Macmillan Books, in: Manias, Panics and Crashes, edition 0, chapter 3, pages 33-54, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62804-5_3
    DOI: 10.1057/9780230628045_3
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