Irrational Exuberance: Revised and Expanded Third Edition
  • Irrational Exuberance: Revised and Expanded Third Edition
  • Irrational Exuberance: Revised and Expanded Third Edition
ISBN: 0691173125
EAN13: 9780691173122
Language: English
Release Date: Aug 16, 2016
Pages: 392
Dimensions: 1.1" H x 7.8" L x 5.2" W
Weight: 0.7 lbs.
Format: Paperback
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Book Overview

This Description may be from another edition of this product.

This first edition of this book was a broad study, drawing on a wide range of published research and historical evidence, of the enormous stock market boom that started around 1982 and picked up incredible speed after 1995. Although it took as its specific starting point this ongoing boom, it placed it in the context of stock market booms generally, and it also made concrete suggestions regarding policy changes that should be initiated in response to this and other such booms. The book argued that the boom represents a speculative bubble, not grounded in sensible economic fundamentals. Part one of the book considered structural factors behind the boom. A list of twelve precipitating factors that appear to be its ultimate causes was given. Amplification mechanisms, naturally-occurring Ponzi processes, that enlarge the effects of these precipitating factors, were described. Part Two discussed cultural factors, the effects of the news media, and of new era economic thinking. Part Three discussed psychological factors, psychological anchors for the market and herd behavior. Part Four discussed attempts to rationalize exuberance: efficient markets theory and theories that investors are learning. Part Five presented policy options and actions that should be taken.

The second edition, 2005, added Read More chevron_right

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