然而，确实存在一种剧烈的行业扩张，被称为超速或非理性繁荣，它通常以产业泡沫破裂而终结。
But, there's a type of rapid expansion, what might be called the hysterical or irrational boom that pretty much always leads to a bust.
下一本书是我自己写的，《非理性繁荣》。
非理性繁荣很少能快速的让步于理性怀疑。
Irrational exuberance rarely gives way to rational skepticism quickly.
永麟：什么是“非理性繁荣”是什么意思？
幸运的是他留意到格林斯潘的非理性繁荣的警示。
With luck he will heed Mr Greenspan's warnings about irrational exuberance.
非理性繁荣很少会迅速地为理性的怀疑主义让路。
Irrational exuberance rarely gives way to rational scepticism quickly.
在某些投资者中是存在非理性繁荣的征象的。
There are also signs of irrational exuberance among some investors.
国际监管者们已经向高管们发出关于非理性繁荣回归的警告。
International regulators have been issuing warnings to chief executives about a return of irrational exuberance.
非理性繁荣这本书有提到过，以后你们会读到，在此不加赘述。
I talk about this in the book you have, Irrational Exuberance, and I'll let you read that and not summarize it here.
《非理性繁荣》的作者罗伯特·席勒警告第三次大萧条即将到来。
And "Irrational Exuberance's" Robert Shiller warns of a third meltdown coming.
行为金融学将是我这门课的主题，而且也是《非理性繁荣》这本书的主题。
This will be a theme of my course and also a theme of this book, Irrational Exuberance.
第一件事发生在他1996年发表提到“非理性繁荣”的演讲之前。
The first came before he made his 1996 speech referring to "irrational exuberance".
简而言之，他们认为，就算是在那个疯狂的“非理性繁荣”时期，股票也被严重低估了。
In a nutshell, they argued that, even in that period of wildly 'irrational exuberance,' shares were massively undervalued.
第一本，非理性繁荣，将其作者耶鲁大学的RobertShiller推上权威的地位。
One, "Irrational Exuberance", turned its author, Robert Shiller of Yale University, into something of a guru.
首先，如何更好管理和规范全球经济，最小化未来非理性繁荣冲击的风险和影响？
First, there is the question how the global economy can be better governed and regulated, to minimise the risks and impacts of future bouts of irrational exuberance?
而对一些人来说，奎特隆先生则是上世纪90年代非理性繁荣时期过度行为的代表。
Mr Quattrone, for some, embodies the excesses of the irrational exuberance of the 1990s.
同时这使他们不用受到因为危险的金融技术而产生的格林斯潘的非理性繁荣的附带损害，从而变得更加安全。
And that includes making them safer from the collateral damage of Alan Greenspan's irrational exuberance for risky financial technologies.
例如，AlanGreenspan 的演讲“非理性繁荣”是发表于 1996 年，而不是 2000 年。
For example, Alan Greenspan’s “irrational exuberance” speech was given in 1996, not 2000.
第三，业界仍存在着一个争论，那就是这一所谓新模式也许只是非理性繁荣的又一表现：新兴市场的过度销售。
Third, it is argued, all this talk of new paradigms simply signals another manifestation of irrational exuberance: the overselling of emerging markets
美联储前理事弗雷德里克·米什金(Frederic Mishkin)表示，泡沫有两种：“信贷繁荣”泡沫和“非理性繁荣”泡沫。
Frederic Mishkin, a former governor of the Fed, said there were two sorts of bubbles: "credit boom" bubbles and "irrational exuberance" bubbles.
风险投资家alanPatric of承认，“在众多创业企业中也许确实有泡沫存在”，不过他现在还不相信后期估值存在非理性繁荣。
"There is probably a bubble in the number of start-ups," says Alan Patricof, a venture capitalist, though he is not yet convinced that there is irrational exuberance in later-stage valuations.
而诺曼的意见则帮助劝服斯特朗在1927年降低了利率，其唯一结果，就是助长了华尔街上的非理性繁荣（irrational exuberance）。
Norman’s advice helped persuade Strong to lower interest rates in 1927, which only increased irrational exuberance on Wall Street.
第二类泡沫我称之为“纯粹的非理性繁荣泡沫”(pure irrational exuberancebubble)，由于不存在针对较高资产价值的杠杆周期，这种泡沫的危险性要低得多。
The second category of bubble, what I call the "pure irrational exuberance bubble", is far less dangerous because it does not involve the cycle of leveraging against higher asset values.
在有的地方，繁荣之大、之非理性甚至压过了大量新房入市的价格信号。
In some places the boom was big enough and irrational enough to suppress price signals from lots of new supply.
但是也有危险。乐观主义可以轻易地变成非理性的繁荣：一些新兴市场上的资本价格已经上涨得过高。
Mism can easily become irrational exuberance: asset prices in some emerging markets have risen too high.
但是也有危险。乐观主义可以轻易地变成非理性的繁荣：一些新兴市场上的资本价格已经上涨得过高。
Mism can easily become irrational exuberance: asset prices in some emerging markets have risen too high.
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