Kindleberger Cycles: Method in the Madness of Crowds?
研究了金德尔伯格周期（股市狂热、恐慌和崩盘）如何通过向新技术注入资本，可能弥补企业研发的社会性投资不足，从而在宏观层面被制度选择所偏好。
Corporate R&D has a social return far above its internal rate of return to the innovating corporation, and so it is chronically underfunded from a social perspective. Kindleberger cycles, irregularly recurring stock market manias, panics, and crashes that are prominent in financial history, are also a major problem for mainstream economics. If manias inundating hot new technologies with capital sufficiently counter chronic underinvestment in innovation, economy-level selection may favor institutions and behavioral norms conducive to Kindleberger cycles despite individual agents’ losses in panics and crashes.