After the credit crisis began to unfold in the summer of 2007, many on Wall Street and in the City of London complained it was unprecedented and had been impossible to see coming. They were wrong. Speculative bubbles are rooted deep in human nature, and have been widely studied. History’s most famous bubble took root in the Netherlands almost four centuries ago — for tulips.
The common elements to speculative bubbles are:
An exciting and new “disruptive” technology that is difficult to value in the short term, and whose long-term value is uncertain
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