The case for Tulipmania.

The case for Tulipmania.

Commentary about business and finance.
July 16 2004 5:05 PM

Bulb Bubble Trouble

That Dutch tulip bubble wasn't so crazy after all.

(Continued from Page 1)

So, the swift rise in prices for contracts on tulip bulbs in late 1636 and early 1637 was less a speculative frenzy than a market rationally responding to rule changes.

If they're correct—and it'll take someone with far more economic and data-crunching expertise than Moneybox to ratify or debunk their argument—then business writers will have to delete Tulipmania from their handy-pack of bubble analogies.

Daniel Gross is a longtime Slate contributor. His most recent book is Better, Stronger, Faster. Follow him on Twitter.

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