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Beyond Mechanical Markets: Asset Price Swings, Risk, and the Role of the State
Roman Frydman
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Description for Beyond Mechanical Markets: Asset Price Swings, Risk, and the Role of the State
Hardback. In the wake of the global financial crisis that began in 2007, faith in the rationality of markets has lost ground to a new faith in their irrationality. This title shows how the failure to abandon this assumption hinders our understanding of how markets work, why price swings help allocate capital to worthy companies. Num Pages: 288 pages, Illustrations. BIC Classification: KCK; KCP; KFF. Category: (G) General (US: Trade); (U) Tertiary Education (US: College). Dimension: 240 x 159 x 23. Weight in Grams: 572.
In the wake of the global financial crisis that began in 2007, faith in the rationality of markets has lost ground to a new faith in their irrationality. The problem, Roman Frydman and Michael Goldberg argue, is that both the rational and behavioral theories of the market rest on the same fatal assumption - that markets act mechanically and economic change is fully predictable. In "Beyond Mechanical Markets", Frydman and Goldberg show how the failure to abandon this assumption hinders our understanding of how markets work, why price swings help allocate capital to worthy companies, and what role government can ... Read more
In the wake of the global financial crisis that began in 2007, faith in the rationality of markets has lost ground to a new faith in their irrationality. The problem, Roman Frydman and Michael Goldberg argue, is that both the rational and behavioral theories of the market rest on the same fatal assumption - that markets act mechanically and economic change is fully predictable. In "Beyond Mechanical Markets", Frydman and Goldberg show how the failure to abandon this assumption hinders our understanding of how markets work, why price swings help allocate capital to worthy companies, and what role government can ... Read more
Product Details
Format
Hardback
Publication date
2011
Publisher
Princeton University Press
Number of pages
304
Condition
New
Number of Pages
288
Place of Publication
New Jersey, United States
ISBN
9780691145778
SKU
V9780691145778
Shipping Time
Usually ships in 7 to 11 working days
Ref
99-1
About Roman Frydman
Roman Frydman is professor of economics at New York University. Michael D. Goldberg is the Roland H. O'Neal Professor at the University of New Hampshire. They are the coauthors of "Imperfect Knowledge Economics" (Princeton).
Reviews for Beyond Mechanical Markets: Asset Price Swings, Risk, and the Role of the State
Finalist for the 2011 Paul A. Samuelson Award, TIAA-CREF One of Financial Times (FT.com) non-fiction favourites commended by Martin Wolf, Financial Times chief economics commentator, for 2011 "The debate over how to re-regulate [markets and banks] to avoid another financial crisis is urgent and it cannot conclude without resolving the problem that economics' most basic assumption is flawed. [Beyond Mechanical ... Read more