“The essence of a speculative bubble is a sort of feedback, from price increases, to increased investor enthusiasm, to increased demand, and hence further price increases. Major speculative bubbles, as I argued in Irrational Exuberance, are always supported by some superficially-plausible popular theory that justifies them, and that is widely viewed as having sanction from some authority figures. These may be called new-era theories.”
Robert Shiller
“The term mania describes the frenzied pattern of purchases, often an increase in prices accompanied by an increase in trading volumes; individuals are eager to buy before the prices increase further. The term bubble suggests that when the prices stop increasing, they are likely – indeed almst certain – to decline.”
Charles Kindleberger
“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.”
Charles MacKay
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Economist are the folks that tell you why their predictions yesterday didn’t come true today . I think of Art Laffer who, when confronted by Peter Schiff about his bold prediction that the economy would soon collapse ( Laffer beat Schiff a dollar it wouldn’t) came true; Laffer said he can’t make predictions out further than 6 months .