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The 1637 event was popularized in 1841 by the book Extraordinary Popular Delusions and the Madness of Crowds, written by British journalist Charles Mackay.
Extraordinary Popular Delusions and the Madness of Crowds.
Banks, it turns out, are even more influenced by popular delusions and the madness of crowds than markets, as repeated bubbles in many different countries have shown.
A false consensus can solidify when people fear censure for flouting it, as they did during witch hunts, Red scares, and other popular delusions.
All three are in an 1841 classic that is as current as today's stock quotes: Charles Mackay's "Extraordinary Popular Delusions and the Madness of Crowds".
I was reading a good book the other day on the train home: "Extraordinary Popular Delusions and the Madness of Crowds".
Similar(10)
It also remains a testament to the tenacity of popular delusion.
The result was a "euphoric popular delusion" that real estate was a can't-miss investment, said Edward W. Gjertsen II, president of the Financial Planners Association of Illinois.
The popular delusion of asset price inflation as a savings substitute disappeared in tandem, as did millions of jobs and the portion of the economy sustained by private debt growth.
The concept of the individual ego is a popular delusion; the objects with which people identify themselves fortune, social position, family, body, and even mind are not their true selves.
Earlier this week Maurice Newman, the head of Tony Abbott's hand-picked business advisory council, declared the science of anthropogenic climate change to be the world's greatest ever popular delusion, and accused the UN climate body of fudging data.
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