Extraordinary Popular Delusions and the Madness of Crowds is a classic study of crowd psychology remains an extremely essential to the present day. Mackay’s central theme in this book is how easily a herd can be illogically influenced by popular opinion. Mackay warns us about this “madness” that often leads to a downward spiral with undesirable effects. His book highlights several stories from the history of various manias and three grand-scale cons that took place. Its extraordinary tales of human folly uncovers the frenzy of the Wall Street Crash of 1929 and the junk-bonds hysteria of the 1980s were far from the twentieth-century phenomena.