Author: Justin Fox Publisher: Harper Collins ISBN: 0060599030 Category : Business & Economics Languages : en Pages : 418
Book Description
The financial crisis of 2008 and subsequent Great Recession demolished many cherished beliefs—most significantly, the theory that financial markets always get things right. Justin Fox's The Myth of the Rational Market explains where that idea came from, and where it went wrong. As much an intellectual whodunit as a cultural history of the perils and possibilities of risk, it also brings to life the people and ideas that forged modern finance and investing—from the formative days of Wall Street through the Great Depression and into the financial calamities of today. It's a tale featuring professors who made and lost fortunes, battled fiercely over ideas, beat the house at blackjack, wrote bestselling books, and played major roles on the world stage. It's also a story of free-market capitalism's war with itself.
Author: Donald A. Wittman Publisher: University of Chicago Press ISBN: 9780226904238 Category : Political Science Languages : en Pages : 244
Book Description
In The Myth of Democratic Failure, Donald A. Wittman refutes one of the cornerstone beliefs of economics and political science: that economic markets are more efficient than the processes and institutions of democratic government.
Author: Cassidy John Publisher: Penguin UK ISBN: 0141939427 Category : Business & Economics Languages : en Pages : 485
Book Description
How did we get to where we are? John Cassidy shows that the roots of our most recent financial failure lie not with individuals, but with an idea - the idea that markets are inherently rational. He gives us the big picture behind the financial headlines, tracing the rise and fall of free market ideology from Adam Smith to Milton Friedman and Alan Greenspan. Full of wit, sense and, above all, a deeper understanding, How Markets Fail argues for the end of 'utopian' economics, and the beginning of a pragmatic, reality-based way of thinking. A very good history of economic thought Economist How Markets Fail offers a brilliant intellectual framework . . . fine work New York Times An essential, grittily intellectual, yet compelling guide to the financial debacle of 2009 Geordie Greig, Evening Standard A powerful argument . . . Cassidy makes a compelling case that a return to hands-off economics would be a disaster BusinessWeek This book is a well constructed, thoughtful and cogent account of how capitalism evolved to its current form Telegraph Books of the Year recommendation John Cassidy ... describe[s] that mix of insight and madness that brought the world's system to its knees FT, Book of the Year recommendation Anyone who enjoys a good read can safely embark on this tour with Cassidy as their guide . . . Like his colleague Malcolm Gladwell [at the New Yorker], Cassidy is able to lead us with beguiling lucidity through unfamiliar territory New Statesman John Cassidy has covered economics and finance at The New Yorker magazine since 1995, writing on topics ranging from Alan Greenspan to the Iraqi oil industry and English journalism. He is also now a Contributing Editor at Portfolio where he writes the monthly Economics column. Two of his articles have been nominated for National Magazine Awards: an essay on Karl Marx, which appeared in October, 1997, and an account of the death of the British weapons scientist David Kelly, which was published in December, 2003. He has previously written for Sunday Times in as well as the New York Post, where he edited the Business section and then served as the deputy editor. In 2002, Cassidy published his first book, Dot.Con. He lives in New York.
Author: Barton Biggs Publisher: John Wiley & Sons ISBN: 1118044819 Category : Business & Economics Languages : en Pages : 327
Book Description
Rare is the opportunity to chat with a legendary financial figure and hear the unvarnished truth about what really goes on behind the scenes. Hedgehogging represents just such an opportunity, allowing you to step inside the world of Wall Street with Barton Biggs as he discusses investing in general, hedge funds in particular, and how he has learned to find and profit from the best moneymaking opportunities in an eat-what-you-kill, cutthroat investment world.
Author: Roman Frydman Publisher: Princeton University Press ISBN: 0691261156 Category : Business & Economics Languages : en Pages : 368
Book Description
Posing a major challenge to economic orthodoxy, Imperfect Knowledge Economics asserts that exact models of purposeful human behavior are beyond the reach of economic analysis. Roman Frydman and Michael Goldberg argue that the longstanding empirical failures of conventional economic models stem from their futile efforts to make exact predictions about the consequences of rational, self-interested behavior. Such predictions, based on mechanistic models of human behavior, disregard the importance of individual creativity and unforeseeable sociopolitical change. Scientific though these explanations may appear, they usually fail to predict how markets behave. And, the authors contend, recent behavioral models of the market are no less mechanistic than their conventional counterparts: they aim to generate exact predictions of "irrational" human behavior. Frydman and Goldberg offer a long-overdue response to the shortcomings of conventional economic models. Drawing attention to the inherent limits of economists' knowledge, they introduce a new approach to economic analysis: Imperfect Knowledge Economics (IKE). IKE rejects exact quantitative predictions of individual decisions and market outcomes in favor of mathematical models that generate only qualitative predictions of economic change. Using the foreign exchange market as a testing ground for IKE, this book sheds new light on exchange-rate and risk-premium movements, which have confounded conventional models for decades. Offering a fresh way to think about markets and representing a potential turning point in economics, Imperfect Knowledge Economics will be essential reading for economists, policymakers, and professional investors.
Author: Mark Buchanan Publisher: A&C Black ISBN: 1408827379 Category : Business & Economics Languages : en Pages : 273
Book Description
Positive feedback--when A produces B, which in turn produces even more A--drives not only abrupt climate changes, but also disruptive events in economics and finance, from asset bubbles to debt crises, bank runs, even corporate corruption. But economists, with few exceptions, have ignored this reality for fifty years, holding on to the unreasonable belief in the wisdom of the market. It's past time to be asking how markets really work. Can we replace economic magical thinking with a better means of predicting what the financial future holds, in order to prepare for--or even avoid--the next extreme economic event? Here, physicist and acclaimed science writer Mark Buchanan answers these questions and more in a master lesson on a smarter economics, which accepts that markets act much like weather. Market instability is as natural--and dangerous--as a prairie twister. With Buchanan's help, perhaps we can better govern the markets and weather their storms.
Author: Ray Scott Percival Publisher: Open Court Publishing ISBN: 0812696859 Category : Literary Criticism Languages : en Pages : 316
Book Description
Religious zeal, suicide terrorism, passionate commitment to ideologies, and the results of various psychological tests are often cited to show that humans are fundamentally irrational. The author examines all such supposed examples of irrationality and argues that they are compatible with rationality. Rationality does not mean absence of error, but the possibility of correcting error in the light of criticism. In this sense, all human beliefs are rational: they are all vulnerable to being abandoned when shown to be faulty.
Author: Ryan H. Murphy Publisher: Rowman & Littlefield ISBN: 1498591191 Category : Business & Economics Languages : en Pages : 231
Book Description
In Markets Against Modernity, economist Ryan Murphy documents a clear continuity between the systematic errors people make in their personal lives and the gaps between public opinion and informed opinion. These errors cluster around specific divergences between how the modern world’s institutions function—including global markets, pluralistic democracy, and even science itself—and how evolution trained our brains to understand the nature of economic relationships, social relationships, and humanity’s relationship to the physical world. Murphy calls these systematic divergences Ecological Irrationality. Exploring them leads him to even more prickly questions—and to conclusions that may challenge the beliefs of those who understand that, for instance, modern vaccines are safe and effective. Do we actually want a less cohesive society? Is doing a task yourself financially prudent? And if we recognize an expert consensus, is there even a way to implement it and achieve the desired effects?
Author: M. Christine Boyer Publisher: MIT Press ISBN: 9780262521116 Category : Architecture Languages : en Pages : 350
Book Description
Dreaming the Rational City is both a history of the city planning profession in the United States and a major polemical statement about the effort to plan and reform the American city. Boyer shows why city planning, which had so much promise at the outset for making cities more liveable, largely failed. She reveals planning's real responsibilities and goals, including the kind of "rational order" that was actually forseen by the planning mentality, and concludes that the planners have continuously served the needs of the dominant capitalist economy.
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Author: Justin Fox
Author: Donald A. Wittman
Author: Cassidy John
Author: Barton Biggs
Author: Roman Frydman
Author: Mark Buchanan
Author: Ray Scott Percival
Author: Satyajit Das
Author: Ryan H. Murphy
Author: M. Christine Boyer