Understanding Technology Bubbles
New Books in Economics
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When Are There Not Bubbles?
The working title for most of the book was when are there not bubbles. The idea was, you know, sometimes certain technologies generate bubbles and certain technologies don't. And so we ended up with this kind of four part theory of bubbles where you sort of need uncertainty. So all of these big technologies have a degree of uncertainty associated with them. You get something new. How is it going to be used? Telephone comes along. Then you also need lots of novice investors, investors who don't know what they're doing.
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