Does it make sense, analytically, to say that there was a healthy railway boom in the 1830s and a bubble in the 1840s? It seems to me that most bubbles grow fr

Does it make sense, analytically, to say that there was a healthy railway boom in the 1830s and a bubble in the 1840s? It seems to me that most bubbles grow from a legitimate investment idea; the problem is that as more and more people bid for the securities in question, investors have trouble perceiving when the price has become too high.