Asset Price Swings, Risk, the Role of the State Beyond Mechanical Markets Format: Hardback
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"This important book addresses fundamental questions about macroeconomic and financial modeling that too often are sidestepped. It challenges assumptions that are routinely made, both by orthodox theory and by popular 'behavioral' alternatives; still more provocatively, it proposes a way forward, under which economic analysis remains possible, though shorn of some of its pretensions. These are issues with which all students of macroeconomics and finance will have to grapple, and Frydman and Goldberg provide a lively and impassioned opening to what will surely prove one of the crucial debates of our time."—Michael Woodford, author of Interest and Prices"This is a brilliant, subtle, and powerful book, by far the best work of economic theory that the global financial crisis has yet produced. If any account deserves to rescue formal economics from the dead end that it has reached, and restore the connection between what economists tell you and what actually happens, this is it."—Robert Skidelsky, author of Keynes: Return of the Master"The economy is not just mechanical; much change is nonroutine. In turn, many important economic decisions are also nonroutine. Based on this insight, Frydman and Goldberg give us a new theory of the business cycle. In market after market, they convincingly argue its realism. What's more, Beyond Mechanical Markets gives us a doctor's prescription for dampening—and possibly even avoiding altogether—the next economic crisis."—George A. Akerlof, Nobel Laureate in Economics"This book is a milestone. It breaks important new ground in the refoundation that macroeconomics and finance so badly need. The authors' rereading of Keynes will come as a revelation both to Keynesians and behavioralists ."—Edmund S. Phelps, Nobel Laureate in Economics"The year 2008 saw not only financial failure but the failure of an idea, the economic theory in which.

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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...

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buecher.de GmbH & Co. KG, [1].
A study which shows why we are being dangerously led astray by thinking of markets as predictably rational or irrational, and which presents a powerful challenge to conventional economic wisdom.2011. XV, 285 p. w. figs.Versandfertig in über 4 Wochen, Hardcover.

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Von Händler/Antiquariat, spectrumbooks.
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 and can't play. The financial crisis, Frydman and Goldberg argue, was made more likely, if not inevitable, by contemporary economic theory, yet its core tenets remain unchanged today. In response, the authors show how imperfect knowledge economics, an approach they pioneered, provides a better understanding of markets and the financial crisis. Frydman and Goldberg deliver a withering critique of the widely accepted view that the boom in equity prices that ended in 2007 was a bubble fueled by herd psychology. They argue, instead, that price swings are driven by individuals' ever-imperfect interpretations of the significance of economic fundamentals for future prices and risk. Because swings are at the heart of a dynamic economy, reforms should aim only to curb their excesses. Showing why we are being dangerously led astray by thinking of markets as predictably rational or irrational, Beyond Mechanical Markets presents a powerful challenge to conventional economic wisdom that we can't afford to ignore., Hardcover, Label: Princeton University Press, Princeton University Press, Produktgruppe: Book, Publiziert: 2011-02-27, Studio: Princeton University Press, Verkaufsrang: 1083321.

Von Händler/Antiquariat, Revaluation Books [2134736], Exeter, United Kingdom.
304 pages. 9.75x6.50x1.00 inches. In Stock.