Beyond mechanical markets : asset price swings, risk, and the role of the state /
"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 fata...
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| Format: | Electronic eBook |
| Language: | English |
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Princeton :
Princeton University Press,
©2011.
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| Online Access: | Connect to this title online (unlimited users allowed) |
Table of Contents:
- What Went Wrong and What We Can Do about It (The Fatal Flaw
- Assuming Away What Matters Most
- The Imperfect Knowledge Alternative
- Fishermen and Financial Markets
- The Survival of the Rational Market Myth
- Opening Economics and Finance to Nonroutine Change and Imperfect Knowledge
- Imperfect Knowledge Economics and Its Implications
- A New Understanding of Asset-Price Swings, Risk, and the Role of the State)
- Part I: The Critique (1. The Invention of Mechanical Markets
- 2. The Folly of Fully Predetermined History
- 3. The Orwellian World of "Rational Expectations"
- 4. The Figment of the "Rational Market"
- 5. Castles in the Air: The Efficient Market Hypothesis
- 6. The Fable of Price Swings as Bubbles)
- Part II: An Alternative (7. Keynes and Fundamentals
- 8. Speculation and the Allocative Performance of Financial Markets
- 9. Fundamentals and Psychology in Price Swings
- 10. Bounded Instability: Linking Risk and Asset-Price Swings
- 11. Contingency and Markets
- 12. Restoring the Market-State Balance)
- Epilogue (What Can Economists Know?
- The Search for Omniscience
- Sharp versus Contingent Predictions
- Recognizing Our Own Imperfect Knowledge
- Imperfect Knowledge Economics as the Boundary of Macroeconomic Theory References).