What Drives Mass Hysteria, Human Stampedes and Fads?

‘Information is not power. It does not necessarily make us any smarter or better able to cope with social delusions. English philosopher Francis Bacon knew this centuries ago when he wrote in 1597 that “knowledge itself is power.”1 In this chapter, we will outline the lessons that can be gleaned from our foray into the history of popular delusions. We must emphasize from the onset that many people may recognize the appearance of a particular delusion, but that is no guarantee that they will avoid being caught up in the fear or excitement. An apt example is the typical stock market crash.’

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