IN CONTEXT
The macroeconomy
Charles Mackay (1814–89)
1637 Dutch nurseryman P. Cos publishes The Tulip Book, which provides raw data for the future prices of tulips.
1947 US economist Herbert Simon writes Administrative Behavior, introducing the idea of “bounded rationality”—poor decisions are due to limits in ability, information, and time.
1990 Peter Garber critiques Mackay’s work in his essay, Famous First Bubbles.
2000 US economist Robert Shiller publishes Irrational Exuberance, analyzing the causes and policy interventions that might prevent the occurrence of future economic bubbles.
In 1841, the Scottish journalist Charles ...
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