, Columnist
Don't Call Bitcoin a Bubble. It's an Epidemic
Investment manias often proceed in waves, rather than bursting never to return. It may be time to update the terminology.
It may look like a bubble, but it doesn’t burst.
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Robert Shiller, the Yale University economist who shared the 2013 Nobel prize in economics, is famous above all else for his role in spotting the dot-com bubble before it burst in 2000. The title of the book he published the year before, Irrational Exuberance, has passed into the financial lexicon. And yet he dislikes the concept of a “bubble” and would prefer something else.