rebeleconprof on Nostr: The conventional wisdom on historical asset bubbles is that these were episodes of ...

The conventional wisdom on historical asset bubbles is that these were episodes of irrational exuberance. In reality, historical asset bubbles were much more interesting. The South Sea Bubble and the Mississippi Bubble were the end result of government debt consolidation schemes.

Tulipmania was an artifact. There was no bubble. The Dutch elite passed legislation that turned futures contracts into options contracts.

https://pricetheory.substack.com/p/what-about-bubbles