The use of ‘bubble’ as an economic metaphor in the news: The case of the ‘real estate bubble’ in Spain

Abstract

This article analyses the emergence of the bubble metaphor and how it quickly became a widely used metaphor in the world of trade and finance since the early 18th century. The paper traces the evolution of the meaning of this economic metaphor and its popularization at different times in history, especially around periods of financial boom and crisis. Taking as a reference its current use, the study also analyses how these different significant dimensions of the economic metaphor of the bubble are used in the Spanish press, when covering the boom and the real estate crisis of 2008. Finally, the article identifies some paradoxes and inconsistencies in the use of the conceptual metaphor of the bubble in complex economic circumstances, such as a real estate boom and crash.