05/29/07
Bubbles aren't so bad, according to a new book:
Read This: 'Pop! Why Bubbles Are Great for the Economy'
Daniel Gross. HarperCollins. 232 pages. $22.95.
Investment crazes aren't all bad, argues Daniel Gross in Pop! Why Bubbles Are Great for the Economy. Gross, a business journalist who writes for Slate.com, makes the contrarian-but-persuasive case that irrational exuberance and its aftermath have transformed the U.S. economy into a juggernaut. The dot-com bubble and the recent real estate craze are fresh in readers' minds, but Gross finds that American-style investment frenzies haven't changed much since the 19th century.
-- Cox News Service
Should readers expect a creative destruction
argument? The explanatory theory that comes to my mind hails from the mind of Ludwig Lachmann.
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