Journal of Economic Perspectives: Vol. 4 No. 2 (Spring 1990)


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Symposium on Bubbles

Article Citation

Stiglitz, Joseph E. 1990. "Symposium on Bubbles." Journal of Economic Perspectives, 4(2): 13-18.

DOI: 10.1257/jep.4.2.13


The papers in this symposium represent the divergent views of economists on an important issue: the extent to which prices of assets represent "fundamental" values. While the papers in the symposium present different formal definitions of what a bubble is, the basic intuition is straightforward: if the reason that the price is high today is only because investors believe that the selling price will be high tomorrow—when "fundamental" factors do not seem to justify such a price—then a bubble exists.

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Stiglitz, Joseph E. (Stanford U)

JEL Classifications

313: Capital Markets--General


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