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LIVE: The Myth of the Million Dollar Tulip Bulb
Cautionary Tales with Tim Harford
The Tulip Mania
Charles MacKay wrote about the Dutch tulip mania 200 years ago. But he was more interested in cartoonish exaggeration than inaccurate history. Two economic historians, William Quinn and John Turner, agree. It had negligible economic impact, they explain. If MacKay was wrong about the tulipMania, what else was he wrong about? Let's try to picture the early days of the railway by telling a tale as vivid and exciting as anything in Charles MacKay's book. And a tale which happens to be verifiably true. The place? Parkside. A railway station half way between Liverpool and Manchester in the northwest of England.
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