Danny Quah is Li Ka Shing Professor of Economics at the Lee Kuan Yew School of Public Policy at the National University of Singapore. He is the author of The Global Economy's Shifting Centre of Gravity.
M.G. Quibria, a former senior adviser at the Asian Development Bank Institute, is Professor of International Development at Morgan State University and Distinguished Fellow at the Policy Research Institute, Bangladesh.
The worse economic fundamentals and forecasts become, the more mysterious stock-market outcomes in the US appear. At a time when genuine news suggests that equity prices should be tanking, not hitting record highs, explanations based on crowd psychology, the virality of ideas, and the dynamics of narrative epidemics can shed some light.