Boom and bust are inherent features of capitalism. The tendency to episodes of over-confidence, even mania, is present in many people, maybe especially the most creative.
The message of history is that occasionally, perhaps under modern conditions more frequently, there is a tendency to episodes of collective optimism or even mania.
These episodes always end in a crisis in which great damage is done to whole economies, and to many individuals and families.
In this article we focus…
