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social science subjects > economics > economic concepts > market (economics) > irrational exuberance
social science subjects > politics and international relations > governance > market (economics) > irrational exuberance
... > social science subjects > business and management > management settings > business management > governance > market (economics) > irrational exuberance

Preferred term

irrational exuberance  

Definition

  • The phrase irrational exuberance refers to the systematically excessive valuation of financial assets by investors, which is a function of wishful thinking and reflected in unjustifiably high market price levels. Alan Greenspan, then Federal Reserve Board Chairman, coined the phrase in a speech to the American Enterprise Institute in December 1996 in the context of the “new economy” boom of the late 1990s. [Source: Encyclopedia of Governance; Irrational Exuberance]

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https://concepts.sagepub.com/social-science/concept/irrational_exuberance

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