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The Fall and Rise of Keynesian Economics$
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John Eatwell and Murray Milgate

Print publication date: 2011

Print ISBN-13: 9780199777693

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199777693.001.0001

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Useful Bubbles

Useful Bubbles

(p.77) 5 Useful Bubbles
The Fall and Rise of Keynesian Economics

John Eatwell

Murray Milgate

Oxford University Press

This chapter talks about “bubbles”, which in economic discourse implies an image of a mania or process in which a price or prices are continuously bid upward in a frenzied spiral. One example ofan economic bubble was the Japan case, wherein real estate at the end of the 1980s caused a severe debt crisis in the Japanese banking system and economic stagnation. However, even with negative implications and bad press, “bubbles” are considered useful. The chapter concludes with an attempt to prove the advantages of “bubbles”, focusing on why bubbles happen and what their building blocks are.

Keywords:   bubbles, mania, frenzied spiral, economic bubbles, Japanese real estate, economic stagnation, Japanese banking system, Japan

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