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A 1706 English dictionary defined euphoria as "the well bearing of the Operation of a Medicine, i.e., when the patient finds himself eas'd or reliev'd by it".

In the 1860s, the English physician Thomas Laycock described euphoria as the feeling of bodily well-being and hopefulness; he noted its misplaced presentation in the final stage of some terminal illness es and attributed such euphoria to neurological dysfunction. Sigmund Freud's 1884 monograph Über Coca described (his own) consumption of cocaine producing "the normal euphoria of a healthy person", while about 1890 the German neuropsychiatrist Carl Wernicke lectured about the "abnormal euphoria" in patients with mania.

A 1903 article in The Boston Daily Globe refers to euphoria as "pleasant excitement" and "the sense of ease and well-being,". In 1920 Popular Science magazine described euphoria as "a high sounding name" meaning "feeling fit": normally making life worth living, motivating drug use, and ill formed in certain mental illnesses. In 1940 The Journal of Psychology defined euphoria as a "state of general well being ... and pleasantly toned feeling." A decade later, finding ordinary feelings of well being difficult to evaluate, American addiction researcher Harris Isbell redefined euphoria as behavioral changes and objective signs typical of morphine. • • In 1957 British pharmacologist D. A. Cahal did not regard opioid euphoria as medically undesirable but an affect which "enhance[s] the value of a major analgesic." The 1977 edition of A Concise Encyclopaedia of Psychiatry called euphoria "a mood of contentment and wellbeing," with pathologic associations when used in a psychiatric context. As a sign of cerebral disease, it was described as bland and out of context, representing an inability to experience negative emotion.

In the 21st century, euphoria is generally defined as a state of great happiness, wellbeing and excitement, which may be normal, or abnormal and inappropriate when associated with psychoactive drugs, manic states, or brain disease or injury.

Since the latter 20th century, the term has also commonly been applied to highly bullish economic behavior as financial- or market euphoria, such as used in John Kenneth Galbraith's 1994 book, A Short History of Financial Euphoria. (This use is not otherwise addressed in this article.)

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