The world-renowned economist offers “dourly irreverent analyses of financial debacle from the tulip craze of the seventeenth century to the recent plague. This review of John Kenneth Galbraith’s book “A Short History of Financial Euphoria” documents history’s lessons for financial decision makers. A Short History of Financial Euphoria. John Kenneth Galbraith, Author Viking Books $16 (p) ISBN
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John Kenneth Galbraith walks through a few of the better-known financial manias in history. A whirlwind tour of some booms and crashes and one economist’s take on the cause: His insights provide important lessons on speculative economics, and demonstrate conclusively that money and intelligence are not necessarily linked.
The references to Mr. Second, each wave of new financial instruments is billed as unprecedented and novel and therefore exempt from the failings of earlier ones although in fact they are nothing but recycled ideas in new clothes. About John Kenneth Galbraith. The In the Canadian-born, Keynesian celebrity economist, serial author, academic enfant terrible and producer of timeless quotations – Ken Galbraith published his now classic The Great Crash of The title should be at least 4 characters long.
A Short History of Financial Euphoria by John Kenneth Galbraith | : Books
A wonderful quick read that can be finished in one sitting. When the average person becomes hlstory during an euphoria, he also tends to believe that the new riches are the product of his superior insight or intuition. The financial markets suddenly became aware. May 16, James rated it it was amazing. Second, the price goes up.
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Book ratings uephoria Goodreads. I don’t know everything about Mr. The review must be at least 50 characters long. Galbraith’s essay pales in comparison with the exhaustiveness of, for instance, Kindleberger’s history of panics, and it’s not a substitute for those more extensive books.
Dec 02, Robert Karl rated it it was amazing. Gwlbraith, collective memories of financial debacles tend to be very short; therefore, each new generation of financial “wizards” can effectively start over with a blank slate. The writing is clear, concise and often caustic. Published July 1st by Penguin Books first published January 1st The bubble pops once values dip and people are unable to sell their assets.
All economists I’ve read so far have sounded so, so annoyed? I’m not sure Mr. Short and sweet, witty, humorous, and yet informative.
He was also awarded the Order of Canada inand inthe Padma Vibhushan, India’s second highest civilian award, for strengthening ties between India and the USA. Oct 26, Justin Lee rated it really liked it Shelves: Skin in the Game.
Want to Read saving…. Deleveraging also occurs, creating a vicious cycle. Your display name should be at least 2 characters long. Galbraith ‘s reputation as an economist isn’t what it once was. And the crowd catches the fever. Third, this leads to a self-feeding positive loop as the increased prices draw further investors which creates further price increases. It is a short, witty book with superb, sometimes cynical language.
A Short History of Financial Euphoria : John Kenneth Galbraith :
In between these chapters the author exemplifies mohn a chapter each on the Dutch 17th century tulip mania, the almost contemporary British South Sea bubble, the issuance of un-backed regional US fiat money at the time of the American revolution which on the one hand paid the US military forces and won the country its independence but on the other hand lead to a long speculative period, inflation and the inevitable crash and finally the stock market disasters of to and of October No, cancel Yes, report it Thanks!
A Short History of Financial Euphoria.
Why don’t we ever learn? You submitted the following rating and review.
A Short History of Financial Euphoria
At first there is some profitable opportunity that captures the mind of a group. Continue shopping Checkout Continue shopping. Bit unfair to rational choice theory, but it was a different time perhaps. Ratings and Reviews 2 4 star ratings 2 reviews. Trivia About A Short History o When the mass hysteria ends there will be new regulation that takes no notice of the fact that the speculative human psyche is ill suited for regulation.