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  • Boom: Bubbles and the End of Stagnation

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Boom: Bubbles and the End of Stagnation

4.3 out of 5 stars (165)

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A timely investigation of the causes of technological and scientific stagnation, and a radical blueprint for accelerating innovation.

“Read this book for the alternative history of our age.”
—Peter Thiel, investor and author of Zero to One

“A must-read for those who seek to build the future.”
—Marc Andreessen, cofounder of Netscape and Andreessen Horowitz

From the Moon landing to the dawning of the atomic age, the decades prior to the 1970s were characterized by the routine invention of transformative technologies at breakneck speed. By comparison, ours is an age of stagnation. Median wage growth has slowed, inequality and income concentration are on the rise, and scientific research has become increasingly expensive and incremental.

Why are we unable to replicate the rate of progress of past decades? What can we do to reinvigorate innovation?

In
Boom, Byrne Hobart and Tobias Huber take an inductive approach to the problem. In a series of case studies tracking some of the most significant breakthroughs of the past 100 years—from the Manhattan Project and the Apollo program to fracking and Bitcoin—they reverse-engineer how transformative progress arises from small groups with a unified vision, vast funding, and surprisingly poor accountability. They conclude that financial bubbles, while often maligned as destructive and destabilizing forces, have in fact been the engine of past breakthroughs and will drive future advances. In other words: Bubbles aren’t all bad.

Integrating insights from economics, philosophy, and history,
Boom identifies the root causes of the Great Stagnation and provides a blueprint for accelerating innovation. By decreasing collective risk aversion, overfunding experimental processes, and organizing high-agency individuals around a transcendent mission, bubbles are the key to realizing a future that is radically different from the present. Boom offers a definite and optimistic vision of our future—and a path to unleash a new era of global prosperity.
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From the Publisher

Boom: Bubbles and the End of Stagnation front cover, financial bubble, progress studies

Praise for Boom

Boom: Bubbles and End of Stagnation, Byrne Hobart, Tobias Huber, financial bubble, progress studies

The alternative history of our age.

“The dot-com bubble looked like the peak of delusion, but the truly deluded were those who wanted to indefinitely defer the future. Everyone knows bubbles can disguise madness as wisdom; read this book for the alternative history of our age.”

—Peter Thiel, investor and author of Zero to One

Boom: Bubbles and End of Stagnation, Byrne Hobart, Tobias Huber, financial bubble, progress studies

For those who seek to build the future.

Boom makes the case that humanity's greatest risk is not climate change or misaligned superintelligent Al but not making enough progress. A must-read for those who seek to build the future.”

—Marc Andreessen, cofounder of Netscape and Andreessen Horowitz

Boom: Bubbles and End of Stagnation, Byrne Hobart, Tobias Huber, financial bubble, progress studies

Bubbles can drive progress.

"When is it that temporary bubbles can help drive forward progress? This happened with the railroads, with the internet, and it is likely to happen with AI. Byrne Hobart and Tobias Huber have produced some essential reading on a very important and also understudied topic."

—Tyler Cowen, author of The Great Stagnation and professor of economics at George Mason University

Byrne Hobart, Boom: Bubbles and the End of Stagnation, financial bubble, progress studies

About the author

Byrne Hobart is an investor, consultant, and writer. He is the author of The Diff, a daily newsletter covering inflection points in finance and technology. He is also a founding partner at Anomaly, a frontier tech investment firm.

Tobias Huber, Boom: Bubbles and the End of Stagnation, financial bubble, progress studies

About the editor

Tobias Huber is a writer and investor. He is a partner at Anomaly, a frontier tech investment firm. He has a background in philosophy and holds a doctor of science degree from ETH Zurich.

Boom: Bubbles and the End of Stagnation, financial bubble, progress studies

About the publisher

Stripe Press publishes ideas for progress in science, technology, and economics. Our collection includes new ideas from emerging and established thinkers and industry leaders, as well as reimagined editions of enduring works. We curate our titles for a global audience of builders and practitioners who are shaping the future of policy and industry.

Stripe Press is based in South San Francisco, with team members across the US and in London. We are a part of the global payments infrastructure company Stripe.

Recent titles by Stripe Press:

  • Poor Charlie's Almanack by Charles T. Munger and Peter D. Kaufman
  • Scaling People by Claire Hughes Johnson
  • Pieces of the Action by Vannevar Bush

Editorial Reviews

Review

“The dot-com bubble looked like the peak of delusion, but the truly deluded were those who wanted to indefinitely defer the future. Everyone knows bubbles can disguise madness as wisdom; read this book for the alternative history of our age.”—Peter Thiel, investor and author of Zero to One 

 

Boom makes the case that humanity's greatest risk is not climate change or misaligned superintelligent Al but not making enough progress. A must-read for those who seek to build the future.”—Marc Andreessen, cofounder of Netscape and Andreessen Horowitz 

 

"When is it that temporary bubbles can help drive forward progress? This happened with the railroads, with the internet, and it is likely to happen with AI. Byrne Hobart and Tobias Huber have produced some essential reading on a very important and also understudied topic."—Tyler Cowen, author of The Great Stagnation and professor of economics at George Mason University 

About the Author

Byrne Hobart is an investor, consultant, and writer. He is the author of The Diff, a daily newsletter covering inflection points in finance and technology. He is also a partner at Anomaly, a frontier tech investment firm.

Tobias Huber is a writer and investor. He is a partner at Anomaly, a frontier tech investment firm. He has a background in philosophy and holds a doctor of science degree from ETH Zurich.

Product details

  • Publisher ‏ : ‎ Stripe Press
  • Publication date ‏ : ‎ November 19, 2024
  • Language ‏ : ‎ English
  • Print length ‏ : ‎ 304 pages
  • ISBN-10 ‏ : ‎ 1953953476
  • ISBN-13 ‏ : ‎ 978-1953953476
  • Item Weight ‏ : ‎ 1.45 pounds
  • Dimensions ‏ : ‎ 6.5 x 1.25 x 9.5 inches
  • Best Sellers Rank: #78,082 in Books (See Top 100 in Books)
  • Customer Reviews:
    4.3 out of 5 stars (165)

About the authors

Follow authors to get new release updates, plus improved recommendations.

Customer reviews

4.3 out of 5 stars
165 global ratings

Top reviews from the United States

  • 5 out of 5 stars
    Human Action and Transcendence Matter
    Reviewed in the United States on December 20, 2024
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    The genre of sociology of knowledge is filled with often fantastic tales of adventure drawn from science and industry. Society is facing an enduring problem that has finally reached is pique. All the wise men are gathered, reflecting on the Gordian knot. Meanwhile, through a concatenation of events a virtual unknown from a nameless hamlet emerges to rescue humanity. The Kuhnian story is a classic in the genre. However, we're left with potentially empty theme. Too much emphasis on the machinations of History erases the human actor (see also: War and Peace by Tolstoy).

    But what if ideas create their own demand? That's the elementary thesis that these two authors offer. The shift from a concentration on the typical architecture that has built the cathedral of the sociology of knowledge from things to the intangible is as profound as it is desperately needed in our material age. Their opening and closing argument lay great emphasis on mankind's gift for a transcendent vision. The vision, driven by a consuming passion to press the boundaries of our literal frontier outward is not one than can be explained in a Mertonian manner. What makes a bold vision emerge and a bubble fill is a visceral yearning for a new experiential range. That passion cannot be explained with a typical regression model filled with economic inputs or stochastic historical events; it demands a sentient human actor consumed with an idea (that intangible non-material factor). And yes, that idea may indeed be inspired by search to see the face of God.

    The toughest sell in the book is their running headlong into a defense of bubbles. Not to fear, they kindly offer a few identifiers to help the reader differentiate those that are pregnant with opportunity from those that are (at best) barren. Take their advice and avoid the temptation to buy the dip. Take the risk of joining Peter Thiel and Marc Andreessen on an intoxicating adventure with this enthusiastic vision.

    2 people found this helpful
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  • 4 out of 5 stars
    Ok but
    Reviewed in the United States on January 12, 2026
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    Nice cover and good quality. But the content is not very enlightening

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  • 5 out of 5 stars
    Buy the hardcover!
    Reviewed in the United States on November 21, 2024
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    If the publisher (Stripe Press) and author names (Byrne Hobart and Tobias Huber) don't already speak for themselves — you've been missing out!

    I have trouble deciding whether to first compliment the quality of the hardcover itself or the taste and attention to detail imbued within every nearly passage and citation, so you'll have to purchase it yourself to find out! Truly a multidisciplinary work of art.

    6 people found this helpful
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  • 3 out of 5 stars
    Good, but one dimensional
    Reviewed in the United States on December 27, 2024
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    The book presents a rational argument on why “bubbles” or excessive hype for a given concept lead to great long-term outcomes in society. Six examples of technological revolutions are used to back this argument — the Manhattan Project, the Apollo Program, computer chips, corporate R&D, fracking, & bitcoin. The book briefly touches on each example and presents well-written reasoning to why the argument stands true. If you’ve studied the history of modern technology, you likely know something about each of these advancements.

    My main issue with the book is how often Peter Thiel is referenced. His name is mentioned at least once in every chapter, often more. Nothing is terribly wrong with this since he’s an intellectual thought leader on many topics. But it gave the impression that the entire book comes from the perspective of “what would Peter Thiel think” instead of a more diverse offering of inspiration from other brilliant thinkers throughout history.

    So overall, I found this book to be a classic case of the Silicon Valley thought bubble completely ignoring the outside world. Was it interesting & entertaining? Sure. But the book wasn’t as rich and expansive as it could've been.

    16 people found this helpful
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  • 5 out of 5 stars
    Clear explanation of the pros and cons of bubbles
    Reviewed in the United States on September 26, 2025
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    An incredibly insightful book, especially these days where we’re seeing tech Titans literally pouring money into data center build outs for generative AI. Are we in a bubble? Probably. Is that such a bad thing? That depends!

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  • 5 out of 5 stars
    Booms are good, actually
    Reviewed in the United States on November 25, 2024
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    This is a fundamentally optimistic book about the future. It argues that many great things are in-the-moment and at-the-margin irrational for individual steps and individual actors, and the solution is some external force, hype, "boom", etc. which makes it happen anyway -- being rational at the larger scale. Essentially, why do A, B, and C if each only make sense if the others are also successful, but betting everything that B and C will be done, going all-in on A (even if it has to be tried in multiple parallel ways, so only one method works) can make everything work. They give some great examples from technology and history (Manhattan project, Apollo, and fracking), show how these were enabled by being built during "booms", and the positive results. It's interesting that the naive response to the boom/bust cycle of markets is that it's bad and one should sit them out, but many of the greatest investors (Warren Buffett) jump in as early as possible, and the cycle seems to be responsible for much of the progress in the world.

    3 people found this helpful
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  • 4 out of 5 stars
    interesting and brilliant in parts but uneven
    Reviewed in the United States on February 5, 2025
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    Some of the chapters on bubbles and their dynamics are truly fascinating and I learned a lot but a number of the chapters are painful and a slog. I recommend it for the inspiration but note it is not a perfect read.

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  • 1 out of 5 stars
    Coherence missing
    Reviewed in the United States on January 7, 2025
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    Coherence is not the only one thing missing in the book. Arguments have no true sources or data to back them, which are usually false, and with good narrative, turn false.

    Often they use false past readings to make case for some thesis.

    Finally, distortion of reality would easilly lead to a false hipothesis.

    Finally, not much else to say, as everyone can see there is not a single event in tech that proves that stagnation is not the case in tech, rather than hyper growth, at the present , built mainly on AI.

    I d prefer to listen to jensen Huang. Dont see any slowing eveolving, rather epic frowth and developments.

    3 people found this helpful
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Top reviews from other countries

  • 2 out of 5 stars
    Not worth jt
    Reviewed in Australia on February 17, 2026
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    Not a very good read really, lots of comparing apples to oranges in a vacuum.

    Not quite sure how or why it became so highly recommended.

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  • 5 out of 5 stars
    Slay the doomers
    Reviewed in Belgium on December 29, 2025
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    Boom is the antidote you need to fight the stagnation and Doom monsters present all around us. Just gives you hope.

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  • 5 out of 5 stars
    Bubbles within bubbles within bubbles 🫧
    Reviewed in Japan on February 20, 2025
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    I was a bit put off by the postmodern idea of hyperreality included, but I love this idea of small communities as bubbles where otherwise unsafe undertakings can be explored. Still in the process of reading but it’s a very thought provoking and fun book!

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  • 5 out of 5 stars
    A rare gem
    Reviewed in the United Kingdom on February 23, 2025
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    This book is a rare gem. A refreshing view into tech and financial bubbles' dynamics and why they don't always have to be a bad thing.

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  • 5 out of 5 stars
    A must read for anyone interested in being a part of building the future
    Reviewed in Mexico on November 27, 2024
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    If you liked Zero to One, this book is for you. It opened my mind about the unintuitive positives of bubbles and gave me an appetite for taking more risks and having definite views about the future.

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