Economist recalls bulbs and bubbles

Smith, Hubble
December 2008
Las Vegas Business Press (10712186);12/22/2008, Vol. 25 Issue 51, p12
The article explains economic bubbles from the viewpoint of Keith Schwer, an economist from the University of Nevada, Las Vegas. Schwer said that the first bubble started in Holland in 1636 when tulip bulbs were sold 17 times higher than the average annual wage. The influx of people from California to Las Vegas, Nevada to triple their money buying and selling homes were compared by Schwer to the bubble of Holland. Schwer added that everybody believed prices would always go up and bubble triggers mass panic when prices fell.


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