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Why Bubbles Are Great For The Economy
Collins
May 2007
On Sale: May 8, 2007
240 pages
ISBN: 0061151548
EAN: 9780061151545
Hardcover
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Non-Fiction
Bubbles—from hot stocks in the 1920s to hot stocks in the
1990s—are much-lamented features of contemporary economic
life. Time and again, American investors, seduced by the
lures of quick money, new technologies, and excessive
optimism, have shown a tendency to get carried away. Time
and again, they have appeared foolish when the bubble burst.
The history of finance is filled with tragic tales of
shattered dreams, bankruptcies, and bitter recriminations. But what if the I-told-you-so lectures about bubbles tell
only half the story? What if bubbles accomplish something
that can only be seen in retrospect? What if the frenzy of
irrational economic enthusiasm lays the groundwork for
sober-minded opportunities, growth, and innovation? Could it
be that bubbles wind up being a competitive advantage for
the bubble-prone U.S. economy? In this entertaining and fast-paced book—you'll laugh as
much as you cry—Daniel Gross convincingly argues that every
bubble has a golden lining. From the 19th-century mania for
the telegraph to the current craze in alternative energy,
from railroads to real estate, Gross takes us on a whirlwind
tour of reckless investors and pie-in-the-sky promoters,
detailing the mania they created—but also the lasting good
they left behind. In one of the great ironies of history, Gross shows how the
bubbles once generally seen as disastrous have actually
helped build the commercial infrastructures that have
jump-started American growth. If there is a secret to the
perennial resilience and exuberance of the American economy,
Gross may just have found it in our peculiar capacity to
blow financial bubbles—and successfully clean up the mess.
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