Extraordinary Popular Delusions and the Madness of Crowds

Resumen

Extraordinary Popular Delusions and the Madness of Crowds is a history of popular folly by Scottish journalist Charles Mackay, first published in 1841. The book chronicles its subjects in three parts: "National Delusions", "Peculiar Follies", and "Philosophical Delusions". MacKay was an accomplished teller of stories, though he wrote in a journalistic and somewhat sensational style.
The subjects of Mackay's debunking include economic bubbles, alchemy, crusades, witch-hunts, prophecies, fortune-telling, magnetisers, shape of hair and beard, murder through poisoning, haunted houses, popular follies of great cities, popular admiration of great thieves, duels, and relics. Present day writers on economics, such as Andrew Tobias and Michael Lewis, laud the three chapters on economic bubbles. Scientist and astronomer Carl Sagan mentioned the book in his own discussion about pseudoscience, popular delusions, and hoaxes.
In later editions Mackay added a footnote referencing the Railway Mania of the 1840s as another "popular delusion", of importance at least comparable with the South Sea Bubble.