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.
Why it matters This book explains why financial bubbles and irrational trends appear in the modern economy.