The Great Purell Panic of 2020

Cartoon Depiction of elastic (left) and inelastic (right) supply and demand.

In the 1620s, a man was offered an entire townhouse in the Netherlands in exchange for 10 of his unplanted tulip bulbs. What is even crazier than that offer was the fact that the man turned it down because he felt his tulip bulbs were worth much more. To be clear, these were not tulips made of gold. You also can’t use any part of the tulip as a drug nor can you eat the flower- so why did tulips become more valuable than houses?