For those who have read the Aleph for years my Blog, this book will provide little that is new. However, you receive a set of arguments in an integrated package of slim.
I liked this book. The author took a broad view of bubbles and developed five lenses through which to analyze:
MicroeconomicsMacroeconomicsPsychologyPoliticsBiological ratios (contagion)This is the increase in short-term debt, the alignment of long-term incentives, crowd behavior, imitation, agreed with booms, shows the finger during busts, etc.
This book encapsulates the ideas of Keynes, Minsky, Austrian economists, Soros (reflexivity) and others. The author was very willing to interact with the view of those who may not fully agree with him, and displays all the areas where they agree.
And the author of five lenses tests in five bubbles:
The great bubbleThe Tulip DepressionJapan late 80sThe Asian crisis in the housing crisis 1997The MAS 2006-?Not surprisingly the crises chosen supports the theory. It would be interesting to see what the author would like to say about other bubbles, such as the South Sea bubble, the Tech bubble, etc.
And so the author sums up the case, and I think it is not good. But then takes a step further, and effectively saying, "well, there is an obvious bubble to say today?" And so our China highlights. Debts, handling, malinvestment, evil motives, etc. You can read for yourself and draw your own conclusions.
My main verdict for this book is that it provides a solid basis for the evaluation of the bubble. Can I place the back "Manias, panics and crashes" and "Devil take the Hindmost," but not by much. Author: great work.
Sophistry
I disagree with the idea that the booms and busts are a phenomenon of the capitalist. -And-command economies have booms and busts — the great leap forward, it was an explosion followed by a huge bust. An attempt to plant cotton in the Soviet Union was short-lived, leads to a reduction of yields and the destruction of the ecology of the sea of Aral Sea. There are more examples of this. at least, capitalism blossoming yields some decent rewards.
Who will benefit from this Book:
Anyone who wants a better understanding of the boom-bust cycle will benefit from this book. The author has nailed it for me. This book will help you properly skeptical next unsustainable boom and minimize your exposure to bust once.
If you want to do, you can buy it here: Boombustology: festive period financial bubbles before they burst.
Full disclosure: I asked the Publisher for the book, and sent them to me.
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