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Kindleberger Cycles: Method in the madness of crowds? / Randall Morck.
- Format:
- Book
- Author/Creator:
- Morck, Randall.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w28411.
- NBER working paper series no. w28411
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2021.
- Summary:
- Corporate R&D has a social return far above its internal rate of return to the innovating corporation, and so is chronically underfunded from a social perspective. Kindleberger cycles, irregularly recurring stock market manias, panics, and crashes, prominent in financial history, are also a major problem for mainstream economics. If manias inundating "hot" new technologies with capital sufficiently counter chronic underinvestment in innovation, economy-level selection may favor institutions and behavioral norms conducive to Kindleberger cycles despite individual agents' losses in panics and crashes.
- Notes:
- Print version record
- January 2021.
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