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The Mississippi Bubble is a 1902 novel by American author Emerson Hough. It was Hough's first bestseller, and the fourth-best selling novel in the United States in 1902. [2] The historical novel revolves around the story of John Law (1671-1729) and the "Mississippi Bubble", an economic bubble of speculative investment in the French colony of ...
Though the company itself started to become profitable and remained solvent until the collapse of the bubble, [3] when speculation in French financial circles and land development in the region became frenzied and detached from economic reality, the Mississippi bubble became one of the earliest examples of an economic bubble.
The Mississippi bubble coincided with the South Sea bubble in England, which allegedly took ideas from it. Law was a gambler who would win card games by mentally calculating odds . He propounded ideas such as the scarcity theory of value [ 5 ] and the real bills doctrine . [ 6 ]
Covered Wagon was his biggest best-selling novel since Mississippi Bubble in 1902. [28] North of 36, another Hough novel, later became a popular silent film as well, "making him one of the first Western authors to enter into the motion picture industry." [29] He is buried in Galesburg, Illinois. [30]
Cantillon was influenced by his experiences as a banker, and especially by the speculative bubble of John Law's Mississippi Company. He was also heavily influenced by prior economists, especially William Petty. Essai is considered the first complete treatise on economics, with numerous contributions to the science.
Yale professor Robert Shiller correctly predicted the bubble in tech stocks at the turn of the millennium and the housing bubble in the middle part of the last decade, so he knows a little ...
The bursting of the South Sea Bubble and Mississippi Bubble in 1720 is regarded as the first modern financial crisis. A noted survey of financial crises is This Time is Different: Eight Centuries of Financial Folly ( Reinhart & Rogoff 2009 ), by economists Carmen Reinhart and Kenneth Rogoff , who are regarded as among the foremost historians of ...
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