Why we are forever blowing bubbles

The slowing of Chinese economic growth and cooling of the real estate industry have heated up the debate about whether housing and the economy as a whole have formed bubbles.

This is a tough question. Even after many conversations with Nobel laureates, I have no clear answer.

What exactly are economic bubbles anyway? Charles Kindleberg, a renowned Harvard economist who has studied them, says they are "unsound economic undertakings, often accompanied by highly speculative investment and price increases".