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tulipmania

n.

1. the extraordinary overvaluing of tulip bulbs that occurred in Holland in the 17th century. First introduced into Holland in the late 1500s, bulbs soon became highly prized and costly. Their value escalated over a period of 40 years until some of the rarer bulbs cost as much as a private home; such bulbs were no longer planted but instead displayed as an indication of the owner’s wealth. Some individuals willingly traded all of their possessions and savings to purchase bulbs, which they then hoped to resell for a much higher price as the market price escalated. The price of bulbs plummeted unexpectedly in 1637, causing financial ruin for many who had speculated in the bulb market. Also called tulipomania.

2. any investment craze that is marked by a rapid increase in the price of a commodity with relatively little value.

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Psychology term of the day

October 5th 2024

resilience

resilience

n. the process and outcome of successfully adapting to difficult or challenging life experiences, especially through mental, emotional, and behavioral flexibility and adjustment to external and internal demands. A number of factors contribute to how well people adapt to adversities, predominant among them (a) the ways in which individuals view and engage with the world, (b) the availability and quality of social resources, and (c) specific coping strategies. Psychological research demonstrates that the resources and skills associated with more positive adaptation (i.e., greater resilience) can be cultivated and practiced. Also called psychological resilience. See also coping behavior; coping-skills training. —resilient adj.