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The Dutch Monetary Environment During Tulipmania

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Tags Booms and BustsWorld History

07/30/2014Doug French

 

Volume 9, No. 1 (Spring 2006)

 

When the economics profession turns its attention to financial panics and crashes, the first episode mentioned is tulipmania. In fact, tulipmania has become a metaphor in the economics field. Should one look up tulipmania in The New Palgrave: A Dictionary of Economics, a discussion of the seventeenth-century Dutch speculative mania will not be found. Guillermo Calvo, in his contribution to the Palgrave instead defines tulipmania as: “situations in which some prices behave in a way that appears not to be fully explainable by economic ‘fundamentals.’” Brown University economist, Peter Garber, is considered the modern tulipmania expert. In Garber’s view, tulipmania was not a mania at all, but is explainable by market fundamentals.

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Cite This Article

French, Doug. "The Dutch Monetary Environment During Tulipmania." The Quarterly Journal of Austrian Economics 9, No. 1 (Spring 2006): 3–14.

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