Extraordinary popular delusions and the madness of crowds pdf
Extraordinary Popular Delusions and the Madness of Crowds - WikipediaExtraordinary Popular Delusions and the Madness of Crowds is an early study of crowd psychology by Scottish journalist Charles Mackay , first published in The subjects of Mackay's debunking include alchemy , crusades , duels , economic bubbles , fortune-telling , haunted houses , the Drummer of Tedworth , the influence of politics and religion on the shapes of beards and hair , magnetisers influence of imagination in curing disease , murder through poisoning , prophecies , popular admiration of great thieves, popular follies of great cities, and relics. Present-day writers on economics, such as Michael Lewis and Andrew Tobias , laud the three chapters on economic bubbles. In later editions, Mackay added a footnote referencing the Railway Mania of the s as another "popular delusion" which was at least as important as the South Sea Bubble. Mathematician Andrew Odlyzko has pointed out, in a published lecture, that Mackay himself played a role in this economic bubble; as leader writer in the Glasgow Argus , Mackay wrote on 2 October "There is no reason whatever to fear a crash". The first volume begins with a discussion of three economic bubbles , or financial manias: the South Sea Company bubble of —, the Mississippi Company bubble of —, and the Dutch tulip mania of the early seventeenth century.
Extraordinary Popular Delusions and the Madness of Crowds Book Review
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Metrics details. In reading the history of nations, we find that, like individuals, they have their whims and their peculiarities; their seasons of excitement and recklessness, when they care not what they do. We find that whole communities suddenly fix their minds upon one object, and go mad in its pursuit; that millions of people become simultaneously impressed with one delusion, and run after it, till their attention is caught by some new folly more captivating than the first Money, again, has often been a cause of the delusion of multitudes. Sober nations have all at once become desperate gamblers, and risked almost their existence upon the turn of a piece of paper
Extraordinary. Popular Delusions and the Madness of Crowds. Charles Mackay. Reproductions of original illustrations from the editions of and
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Extraordinary Popular Delusions and the Madness of Crowds by Charles MacKay
Books, Audiobooks and Summaries. Which is not merely a testimony to the greatness of this book, but also an incredible indictment of humanity as well: have we learned nothing? It will be your mistake — and, believe us, it can be a big one — if you believed that guy. Because, as history has proven to us as many times as we have tried testing it, there are no such things as financial panaceas or supernatural solutions to real-world problems. What there is, instead, are numerous manias and fads deluding the crowds for some time and bursting like bubbles the second another craze commences.