Podcasts · Cautionary Tales with Tim Harford
LIVE: The Myth of the Million Dollar Tulip Bulb
· 39 min · S4 E2
Episode LIVE: The Myth of the Million Dollar Tulip Bulb
Recorded before an audience at the Bristol Festival of Economics (11/17/2022)
The Dutch went so potty over tulip bulbs in the 1600s that many were ruined when the inflated prices they were paying for the plants collapsed - that's the oft-repeated story later promoted by best-selling Scottish writer Charles Mackay. It's actually a gross exaggeration.
Mackay's writings about economic bubbles bursting entertained and informed his Victorian readers - and continue to influence us today - but how did Mackey fare when faced with a stock market mania right before his eyes? The railway-building boom of the 1840s showed he wasn't so insightful after all.
For a full list of sources used in this episode visit Tim Harford.com
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Transcript
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