There are two notable economic facts about weddings in the West. First, brides spend an exorbitant amount on a dress which is worn only once. Second, the costs of weddings have been rising faster than inflation for at least two decades. Click here for an interesting article which provides economic / behavioural explanations for these two phenomena.
My colleague and former PhD student Gareth Campbell has created a website about the British Railway Mania - click here . This episode has been described by the Economist as probably the greatest bubble in human history. Gareth's website provides background on the Mania and posits some explanations for the 'bubble'. In his explanation of why the bubble happened, Gareth places a lot of emphasis on investor myopia regarding future dividends and uncalled capital. His study of investors during the episode does not support the view that this episode was fuelled by naive and irrational investors.