This is often cited by economists as the dangers of rampant speculation, particularly the speculation of an unhampered market, but is this the true lesson of Tulip Mania? Here I will make the argument that Bitcoin is in fact a great deal like tulip mania, but NOT in the way that Peter Schiff suggests. I will attempt to tie this into the larger topics of the role of speculation in emerging industries, and on the economic value of art. Let’s see what we can learn this Monday!
Viewings
Tulip mania in 3 minutes https://www.youtube.com/watch?v=Zr3FcXeDZFc
Adam ruins tulip mania https://www.youtube.com/watch?v=dY2jpeasD4w
A look at the modern Dutch Tulip industry: https://www.youtube.com/watch?v=SILJ-3l0mhg
Tulip mania debunked? https://www.youtube.com/watch?v=Km7Hfax_IOc
Listenings
Tiptoe through with tulips https://www.youtube.com/watch?v=_eQQKVKjifQ
Tulip mania debunked? (part II) https://www.youtube.com/watch?v=gKWeutjk5c0
Jordan Peterson on why we should not take art (and by exstension, tulips) for granted https://www.youtube.com/watch?v=0yHy9JdF5aY
Readings
Tulips and the botany of desire: https://biochemist.me/2019/07/25/the-botany-of-desire/
Peter Schiff Bitcoin and Tulips: https://peterschiffshow.blogspot.com/2013/12/peter-schiff-bitcoins-modern-day-tulip.html
The austrian economics of speculation https://mises.org/library/speculation