Bubbles, Booms, and Busts The Rise and Fall of Financial Assets
This book deals at some length with the question: Since there are many more poor than rich, why don’t the poor just tax the rich heavily and reduce the inequality? In the 19th century and the first half of the 20th century, the topic of inequality was dis
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Donald Rapp
Bubbles, Booms, and Busts The Rise and Fall of Financial Assets
Second Edition
Donald Rapp South Pasadena California USA
ISBN 978-1-4939-1091-5 ISBN 978-1-4939-1092-2 (eBook) DOI 10.1007/978-1-4939-1092-2 Springer New York Heidelberg Dordrecht London Library of Congress Control Number: 2014944655 © Springer Science+Business Media New York 2009, 2015 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Exempted from this legal reservation are brief excerpts in connection with reviews or scholarly analysis or material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work. Duplication of this publication or parts thereof is permitted only under the provisions of the Copyright Law of the Publisher’s location, in its current version, and permission for use must always be obtained from Springer. Permissions for use may be obtained through RightsLink at the Copyright Clearance Center. Violations are liable to prosecution under the respective Copyright Law. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein. Printed on acid-free paper Copernicus Books is a brand of Springer Science+Business Media LLC New York Springer Science+Business Media LLC New York is part of Springer Science+Business Media (www.springer.com)
Preface
One of the problems that has challenged us for as long as we can remember is: how to value assets? In response to that challenge, we have invented the “free market economy” in which the price of an asset is set by the give-andtake between the buyer and the seller, one seeking the lowest price, and the other seeking the highest possible price. When demand is high, prices tend to rise, and vice versa. The two types of assets of greatest consequence to most of us are real estate and corporate stocks. According to classical economics, “the price is right” because it is set by negotiation between a rational buyer and a rational seller as to the “worth” of the asset. Unfortunately, history shows that at frequent intervals, this system ge
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