Extraordinary Popular Delusions and the Madness of Crowds

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   Crowds can fall into collective madness, like gold rushes or tulip mania, due to enthusiasm and imitation.

   Extraordinary Popular Delusions and the Madness of Crowds · 1841

   Enthusiasm and imitation drive crowds into speculative bubbles and irrational behavior

   Imagine all your friends buy a rare toy because it's trendy, even if it's expensive. You feel you must have it too. Mackay tells about people who sold everything for tulips in Holland, thinking they'd become rich. It's like when everyone in class wears the same sneakers, and you want them too.

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