In fact, cases such as Tulipomania in 1624--when tulip bulbs traded at a higher price than gold--suggest the existence of what I would dub "Mackay's Law of Mass Action": when it comes to the effect of social behavior on the intelligence of individuals, 1+1 is often considerably less than 1, and sometimes less than 0.
When you are done with the book, I also hope you will also consider where else mania take over.
It's always good to check a place like Project Gutenberg when you're considering older texts, especially things published before 1923.
Even if you have no interest in finance, read this book just to have a good laugh at our species.
"This is the most important book ever written about crowd psychology and, by extension, about financial markets. Read morePublished 12 months ago by R. Russell Bittner
In this time the financial delusions are very uo to date! This is one of the best classic historian since 17th centuryPublished 20 months ago by Mario Pines
This book (actually 2 books in one) is really interesting for a couple of reasons:
1. It's a good guide to basic investing.
2. Read more
Fascinating-- happening all over again, only 400 years later. Some things never change. Good price, quick, efficient, packed well.Published on August 31, 2009 by Harry W. Pope
I wanted to read this book to learn more about our current financial crisis. And I learned that if you think that the current financial crisis is an extraordinary event and our... Read morePublished on August 14, 2009 by Mariusz Skonieczny
When reading this book you find that what's old is new and that
somethings really don't change much over time. Read more
"Extraordinary Popular Delusions and the Madness of Crowds" and "Confusion de Confusiones" are both works that address speculation frenzy in early financial markets but which have... Read morePublished on July 10, 2007 by mirasreviews
Keep this book within handy reach for any time that you're getting a bit too smart for your britches. Read morePublished on January 18, 2006 by Dennis Mitton
This was the warning shot ahead of the internet bubble. Hearing about the Dutch tulip bubble in 1995 (when I first read the book) we should have been well prepared to duck when... Read morePublished on March 31, 2005 by therosen