BUBBLES AND MYTHS, CRISES AND EXPLANATIONS: TULIP MANIA AND THE SOUTH SEA BUBBLE. PART I. (Buborekok es legendak. Valsagok es valsagmagyarazatok - tulipanmania es a Deltengeri Tarsasag. I. rész)
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The accounts of early bubbles and crises are becoming fashionable again in economic discourse during the recent downturn. The article, having looked at the revival of macroeconomic debate provoked by the failure of current theory, sums up various interpretations of the Dutch tulip mania of 1634-7. These range from an outburst of popular madness, through an early example of an efficient financial market, to an instance of culture shock. Some well-known anecdotes about tulip mania are traced back to their original sources, and the article explores the various patterns and intentions in the use economists and historians have made of them.
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