Re Neal's review of Goldgar on Tulipmania, it seems rather niggling of Goldgar to tear into Shiller for a short footnote while ignoring his work with Eichholtz on real estate cycles on the Dutch Herengracht district, synchronized with the tulip bubble. Shiller, alas, has gone commercial, which may end his very promising academic work in real estate cycles. I hope that Neal will reconsider his statement that 1636-37 was "the first speculative bubble in the history of western capitalism". See for example Michael Veseth, 1990, *Mountains of Debt*, on Renaissance Florence. M.E. Levasseur, 1892, surveyed boom and bust in French land values over 6 centuries. Levasseur, M.E., 1892. Les Prix. Aper?u de l'Histoire ?conomique de la Valeur et du Revenue de la Terre en France. 13th-18th cents. Extrait des M?moires de la Soci?t? Nationale d'Agriculture de France. Tome 135, 1893. Paris: Typographie Chamerot et Renouard, 1893. Mason Gaffney