LIVE: The Myth of the Million Dollar Tulip Bulb
Cautionary Tales with Tim Harford
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Tulip Mania: A Historical Whimsy
This chapter narrates a humorous tale about a sailor who confuses a rare tulip bulb for an onion, illustrating the eccentricities of the tulip mania in 17th century Netherlands. It examines the exaggerated historical accounts of Charles Mackay, while drawing parallels to modern speculative bubbles in finance. Through this engaging narrative, the chapter critiques societal tendencies toward status symbols and the myths surrounding financial frenzies.
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