I Was Blind, But Now I See: Bubbles in Academe
12 Pages Posted: 22 Sep 2017
Date Written: June 1, 2017
Research fads, which create bubbles in academia, gobble up resources and crowd out exploration of competing ideas. Investment-related academic bubbles have a cost. In the best case, money is lost by investors chasing fragile ideas. In the worst case, the general public suffers real pain when the economy at large is hit directly, such as in the 2008 global financial crisis. Academics and practitioners alike can stop contributing to bubbles by being more skeptical and curious, and reaffirming a commitment to the scientific method in which theories are testable, verifiable, and falsifiable.
Keywords: bubbles, academic bubble
JEL Classification: G10
Suggested Citation: Suggested Citation