Extraordinary Popular Delusions and the Madness of Crowds

by Charles Mackay

Three causes especially have excited the discontent of mankind; and, by impelling us to seek for remedies for the irremediable, have bewildered us in a maze of madness and error. These are death, toil, and ignorance of the future—the doom of man upon this sphere, and for which he shews his antipathy by his love of life, his longing for abundance, and his craving curiosity to pierce the secrets of the days to come. The first has led many to imagine that they might find means to avoid death, or failing in this, that they might, nevertheless, so prolong existence as to reckon it by centuries instead of units. From this sprang the search, so long continued and still pursued, for the elixir vitæ, or water of life, which has led thousands to pretend to it and millions to believe in it. From the second sprang the search for the philosopher’s stone, which was to create plenty by changing all metals into gold; and from the third, the false sciences of astrology, divination, and their divisions of necromancy, chiromancy, augury, with all their train of signs, portents, and omens.