What’s Good About Tech Bubbles

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Let’s talk about what Britain’s bicycle bubble more than a century ago has in common with current crazes for nonfungible tokens, technology start-ups and electric vehicle companies.

We’re more than 10 years into a technology gold rush that in some corners makes absolutely no sense. If and when the zaniness fades, people could lose a fortune. But collectively, tech manias do bring some good. As my colleague Erin Griffith said: “Bubbles, while messy, lead to progress.”

I spoke recently to William Quinn, a lecturer at Queen’s University Belfast and co-author of “Boom and Bust,” a history of financial bubbles including the 1929 stock…



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