A mania or panic is a transient event in a society, triggered by a series of events that are poorly understood at the time and which quickly gets out of control.
In a mania people become obsessed with owning or buying something, which may be driven by greed or fear of being beaten out by an opponent.
In a panic people become obsessed with selling or buying things out of fear or desperation.
A mania or panic may occur with something that is:
(1) a necessity that is reported to be in short supply
(2) something in demand with a limited supply
The event usually starts simply enough, but then spirals out of control. It lasts until something collapses, at which point it ends.
People engaged in the behavior may:
(1) be willing to tolerate a level of inconvenience or discomfort not normally tolerated
(2) have delusional beliefs, including a belief that nothing can go right or go wrong
(3) take on more risk than is safe or reasonable
Consequences of a mania or panic:
(1) marked change in the value of an asset or service
(2) ability to make or lose a large amount of money
(3) increased risk for fraud
(4) risk of violence, including suicide
(5) increased stress and mental illness
