CRASHES AND PANICS
The Lessons from History
1818 Ridge Road
Home Road, IL 60430
Editor: Eugene N. White, Rutgers University, 1990
An interesting assortment of essays from the academic community has been collected and published in
reaction to the October 1987 stock market crash. This research, appropriately, was commissioned by the
Salomon Brothers Center for the Study of Financial Institutions at New York University's Leonard N.
Stern School of Business. The contributors are 23 prominent economic and financial experts, whose goal
was to identify common characteristics of asset bubbles that are followed by a collapse in prices.
Four parts comprise this volume. "Before the Modern Age: Flower Bulbs and Life Annuities" is Part 1,
"The Stock Market in the Nineteenth Century" is Part 2 and "The Great Crashes of 1929 and 1987" is
Part 3. The final section is "Are There Any Lessons from chapters, followed by an additional critique of
each chapter's technique of economic analysis and the conclusions formed by the essayist in question.