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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. 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.

Economic policy and planning (general) --- Prices --- Rational expectations (Economic theory) --- Global Financial Crisis, 2008-2009 --- Economic forecasting --- Risk --- Keynesian economics --- Securities --- AA / International- internationaal --- 331.061 --- 331.062 --- 305.6 --- 333.600 --- 333.613 --- 380.20 --- Economische vooruitzichten. --- Anticyclisch beleid. Rational expectations. --- Risicotheorie, speltheorie. Risicokapitaal. Beslissingsmodellen. --- Financiële markten. Kapitaalmarkten (algemeenheden). --- Activiteiten van de nationale en internationale markten. Beursnoteringen van aandelen en obligaties. --- Prijstheorieën: algemeenheden. --- Global Financial Crisis, 2008-2009. --- Economic forecasting. --- Risk. --- Keynesian economics. --- Prices. --- Rational expectations (Economic theory). --- -339 --- E-books --- Blue sky laws --- Capitalization (Finance) --- Investment securities --- Portfolio --- Scrip --- Securities law --- Underwriting --- Investments --- Investment banking --- Post-Keynesian economics --- Schools of economics --- Economics --- Uncertainty --- Probabilities --- Profit --- Risk-return relationships --- Forecasting --- Economic indicators --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Financial crises --- Expectations, Rational (Economic theory) --- Time and economic reactions --- Law and legislation --- Risicotheorie, speltheorie. Risicokapitaal. Beslissingsmodellen --- Economische vooruitzichten --- Anticyclisch beleid. Rational expectations --- Financiële markten. Kapitaalmarkten (algemeenheden) --- Activiteiten van de nationale en internationale markten. Beursnoteringen van aandelen en obligaties --- Prijstheorieën: algemeenheden --- Securities - Prices

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Economics

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International finance --- Rational expectations (Economic theory) --- Equilibrium (Economics) --- Microeconomics --- Foreign exchange --- English fiction --- Foreign exchange. --- Microeconomics. --- Modernism (Literature) --- National characteristics, Scottish, in literature. --- Nationalism in literature. --- Romanticism --- Scottish authors --- History and criticism. --- AA / International- internationaal --- 330.2 --- 333.451.7 --- 330.1 --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- Currency crises --- Price theory --- Economics --- Disequilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- Stagnation (Economics) --- Statics and dynamics (Social sciences) --- Expectations, Rational (Economic theory) --- Economic forecasting --- Time and economic reactions --- Uncertainty --- Economische analyse en research. Theorie van de informatie. --- Speculatie. Wisselrisico's. --- Equilibrium (Economics). --- Rational expectations (Economic theory). --- DGE (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- SDGE (Economic theory) --- Economische analyse en research. Theorie van de informatie --- Speculatie. Wisselrisico's

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Economics

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