BubbleEconomy泡沫經(jīng)濟

1、經(jīng)濟泡沫經(jīng)濟泡沫Tulip BubbleTulip 郁金香郁金香 At different points in time, tulips ,real estate（房產(chǎn)房產(chǎn)） and stock（股份股份） in have all sold for much more than they were worth. In each instance， the price rose and rose and then abruptly plummeted（暴跌暴跌） . Economists call this a bubble Bubble The 17th century saw the Net

2、herlands（荷蘭荷蘭） enter the Dutch（荷蘭荷蘭） golden age. By the 1630s, Amsterdam was an important port and commercial（商業(yè)的商業(yè)的） center. And there was one flower in particularly high diamond .The tulip. The tulip was brought to Europe on trading vessels（船船） that sailed from the east. Because of this, it was co

3、nsidered an exotic（外來的外來的） flower that was also difficult to grow, since it could take years for a single tulip to bloom. A mania（狂熱狂熱） occurs when there is an upward movement of price combined with a willingness to pay large sum of money for something valued much lower in intrinsic（固有的固有的） value. E

4、verybody wants some tulips. The more people who wanted the tulips, the higher the price could go. At one point, a single tulip bulb （球球莖莖）sold for more than 10 times the annual salary of a skilled craftsman（工匠工匠）. In the stock market , In the stock market , the price of stock is the price of stock i

5、s based on the supply and based on the supply and demand of investors. demand of investors. Stock prices tend to Stock prices tend to rise , when it seems rise , when it seems like a company will like a company will earn more in the future. earn more in the future. Investors might then Investors mig

6、ht then buy more of the stock , buy more of the stock , raising the prices even raising the prices even further , due to an further , due to an increased demand.increased demand. This can result in a This can result in a feedback loopfeedback loop（反饋反饋圈圈） , where investors get caught up in the , whe

7、re investors get caught up in the hypehype（大肆宣傳大肆宣傳） , and ultimately drive , and ultimately drive prices far above intrinsic value , creating a prices far above intrinsic value , creating a bubble . bubble . All that is needed for a mania to end and All that is needed for a mania to end and for a b

8、ubble to burst , is the for a bubble to burst , is the collectivecollective（共同共同的的） realization that the price of the stock or realization that the price of the stock or a tulip , far exceeds its worth. a tulip , far exceeds its worth. Thats Thats what happened with both what happened with both mani

9、as . manias . Suddenly the demand ended . Suddenly the demand ended . Prices were pushed to Prices were pushed to staggering(staggering(令人令人驚愕的驚愕的) ) lows , and lows , and poppop（爆開爆開）. .The The bubbles burst. And the market bubbles burst. And the market crashed .crashed .Today , scholars work long

10、Today , scholars work long and hard trying to predict and hard trying to predict what causes a bubble and what causes a bubble and how to avoid them . how to avoid them . Tulip mania is an effective Tulip mania is an effective illustration of the illustration of the underlying(underlying(根本的根本的) ) p

11、rinciples at work in a principles at work in a bubble and can help us bubble and can help us understand more recent understand more recent example , like the example , like the real real estate bubbleestate bubble（房地產(chǎn)泡沫房地產(chǎn)泡沫） of the late 2000s.of the late 2000s.The economy will continue to go The ec

12、onomy will continue to go through through phase(phase(階段階段) ) of of boomsbooms（激增激增） and and bustsbusts（爆裂爆裂） . So while we wait . So while we wait for the next mania to start , and the for the next mania to start , and the next bubble to burst , treat yourself to next bubble to burst , treat yourself to