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...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Princeton :
Princeton University Press,
©2011.
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "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."--Publisher's description |
| Beschreibung: | 1 online resource (xv, 285 pages) : illustrations |
| Bibliographie: | Includes bibliographical references and index. |
| ISBN: | 9781400838189 1400838185 9786613001351 661300135X |
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| 245 | 1 | 0 | |a Beyond mechanical markets : |b asset price swings, risk, and the role of the state / |c Roman Frydman and Michael D. Goldberg. |
| 260 | |a Princeton : |b Princeton University Press, |c ©2011. | ||
| 300 | |a 1 online resource (xv, 285 pages) : |b illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
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| 504 | |a Includes bibliographical references and index. | ||
| 505 | 0 | |a 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). | |
| 520 | |a "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."--Publisher's description | ||
| 588 | 0 | |a Print version record. | |
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| 650 | 0 | |a Global Financial Crisis, 2008-2009. |0 http://id.loc.gov/authorities/subjects/sh2009003683 | |
| 650 | 0 | |a Economic forecasting. |0 http://id.loc.gov/authorities/subjects/sh85040814 | |
| 650 | 0 | |a Risk. |0 http://id.loc.gov/authorities/subjects/sh85114195 | |
| 650 | 0 | |a Keynesian economics. |0 http://id.loc.gov/authorities/subjects/sh85072125 | |
| 650 | 0 | |a Securities |x Prices. |0 http://id.loc.gov/authorities/subjects/sh93008756 | |
| 650 | 6 | |a Crise financière mondiale, 2008-2009. | |
| 650 | 6 | |a Prévision économique. | |
| 650 | 6 | |a Risque. | |
| 650 | 6 | |a Keynésianisme. | |
| 650 | 6 | |a Valeurs mobilières |x Prix. | |
| 650 | 7 | |a POLITICAL SCIENCE |x Economic Conditions. |2 bisacsh | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Economics |x Macroeconomics. |2 bisacsh | |
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| 700 | 1 | |a Goldberg, Michael D., |d 1958- |0 http://id.loc.gov/authorities/names/no2007116591 | |
| 758 | |i has work: |a Beyond Mechanical Markets (Text) |1 https://id.oclc.org/worldcat/entity/E39PCGj6KtyWhRYjtDYxg6k4FX |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
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Datensatz im Suchindex
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| _version_ | 1816796900902305792 |
| adam_text | |
| any_adam_object | |
| author | Frydman, Roman, 1948- |
| author2 | Goldberg, Michael D., 1958- |
| author2_role | |
| author2_variant | m d g md mdg |
| author_GND | http://id.loc.gov/authorities/names/n83121146 http://id.loc.gov/authorities/names/no2007116591 |
| author_facet | Frydman, Roman, 1948- Goldberg, Michael D., 1958- |
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| callnumber-raw | HB3731 .F79 2011eb |
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| collection | ZDB-4-EBU |
| 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). |
| ctrlnum | (OCoLC)705945726 |
| dewey-full | 339 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 339 - Macroeconomics and related topics |
| dewey-raw | 339 |
| dewey-search | 339 |
| dewey-sort | 3339 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| era | 2008-2009 fast |
| era_facet | 2008-2009 |
| format | Electronic eBook |
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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).</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">"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. 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| id | ZDB-4-EBU-ocn705945726 |
| illustrated | Illustrated |
| indexdate | 2024-11-26T14:49:02Z |
| institution | BVB |
| isbn | 9781400838189 1400838185 9786613001351 661300135X |
| language | English |
| lccn | 2010044395 |
| oclc_num | 705945726 |
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| owner_facet | MAIN DE-863 DE-BY-FWS |
| physical | 1 online resource (xv, 285 pages) : illustrations |
| psigel | ZDB-4-EBU |
| publishDate | 2011 |
| publishDateSearch | 2011 |
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| publisher | Princeton University Press, |
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| spelling | Frydman, Roman, 1948- http://id.loc.gov/authorities/names/n83121146 Beyond mechanical markets : asset price swings, risk, and the role of the state / Roman Frydman and Michael D. Goldberg. Princeton : Princeton University Press, ©2011. 1 online resource (xv, 285 pages) : illustrations text txt rdacontent computer c rdamedia online resource cr rdacarrier Includes bibliographical references and index. 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). "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."--Publisher's description Print version record. Rational expectations (Economic theory) http://id.loc.gov/authorities/subjects/sh85111518 Global Financial Crisis, 2008-2009. http://id.loc.gov/authorities/subjects/sh2009003683 Economic forecasting. http://id.loc.gov/authorities/subjects/sh85040814 Risk. http://id.loc.gov/authorities/subjects/sh85114195 Keynesian economics. http://id.loc.gov/authorities/subjects/sh85072125 Securities Prices. http://id.loc.gov/authorities/subjects/sh93008756 Crise financière mondiale, 2008-2009. Prévision économique. Risque. Keynésianisme. Valeurs mobilières Prix. POLITICAL SCIENCE Economic Conditions. bisacsh BUSINESS & ECONOMICS Economics Macroeconomics. bisacsh POLITICAL SCIENCE Public Policy Economic Policy. bisacsh Economic forecasting fast Keynesian economics fast Rational expectations (Economic theory) fast Risk fast Securities Prices fast Global Financial Crisis (2008-2009) fast (OCoLC)fst01755654 https://id.oclc.org/worldcat/entity/E39Qhp4vBbr3T8xBMDbJhDhGmm 2008-2009 fast Goldberg, Michael D., 1958- http://id.loc.gov/authorities/names/no2007116591 has work: Beyond Mechanical Markets (Text) https://id.oclc.org/worldcat/entity/E39PCGj6KtyWhRYjtDYxg6k4FX https://id.oclc.org/worldcat/ontology/hasWork Print version: Frydman, Roman, 1948- Beyond mechanical markets. Princeton : Princeton University Press, ©2011 9780691145778 (DLC) 2010044395 (OCoLC)676922973 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=356473 Volltext |
| spellingShingle | Frydman, Roman, 1948- Beyond mechanical markets : asset price swings, risk, and the role of the state / 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). Rational expectations (Economic theory) http://id.loc.gov/authorities/subjects/sh85111518 Global Financial Crisis, 2008-2009. http://id.loc.gov/authorities/subjects/sh2009003683 Economic forecasting. http://id.loc.gov/authorities/subjects/sh85040814 Risk. http://id.loc.gov/authorities/subjects/sh85114195 Keynesian economics. http://id.loc.gov/authorities/subjects/sh85072125 Securities Prices. http://id.loc.gov/authorities/subjects/sh93008756 Crise financière mondiale, 2008-2009. Prévision économique. Risque. Keynésianisme. Valeurs mobilières Prix. POLITICAL SCIENCE Economic Conditions. bisacsh BUSINESS & ECONOMICS Economics Macroeconomics. bisacsh POLITICAL SCIENCE Public Policy Economic Policy. bisacsh Economic forecasting fast Keynesian economics fast Rational expectations (Economic theory) fast Risk fast Securities Prices fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85111518 http://id.loc.gov/authorities/subjects/sh2009003683 http://id.loc.gov/authorities/subjects/sh85040814 http://id.loc.gov/authorities/subjects/sh85114195 http://id.loc.gov/authorities/subjects/sh85072125 http://id.loc.gov/authorities/subjects/sh93008756 (OCoLC)fst01755654 |
| title | Beyond mechanical markets : asset price swings, risk, and the role of the state / |
| title_auth | Beyond mechanical markets : asset price swings, risk, and the role of the state / |
| title_exact_search | Beyond mechanical markets : asset price swings, risk, and the role of the state / |
| title_full | Beyond mechanical markets : asset price swings, risk, and the role of the state / Roman Frydman and Michael D. Goldberg. |
| title_fullStr | Beyond mechanical markets : asset price swings, risk, and the role of the state / Roman Frydman and Michael D. Goldberg. |
| title_full_unstemmed | Beyond mechanical markets : asset price swings, risk, and the role of the state / Roman Frydman and Michael D. Goldberg. |
| title_short | Beyond mechanical markets : |
| title_sort | beyond mechanical markets asset price swings risk and the role of the state |
| title_sub | asset price swings, risk, and the role of the state / |
| topic | Rational expectations (Economic theory) http://id.loc.gov/authorities/subjects/sh85111518 Global Financial Crisis, 2008-2009. http://id.loc.gov/authorities/subjects/sh2009003683 Economic forecasting. http://id.loc.gov/authorities/subjects/sh85040814 Risk. http://id.loc.gov/authorities/subjects/sh85114195 Keynesian economics. http://id.loc.gov/authorities/subjects/sh85072125 Securities Prices. http://id.loc.gov/authorities/subjects/sh93008756 Crise financière mondiale, 2008-2009. Prévision économique. Risque. Keynésianisme. Valeurs mobilières Prix. POLITICAL SCIENCE Economic Conditions. bisacsh BUSINESS & ECONOMICS Economics Macroeconomics. bisacsh POLITICAL SCIENCE Public Policy Economic Policy. bisacsh Economic forecasting fast Keynesian economics fast Rational expectations (Economic theory) fast Risk fast Securities Prices fast |
| topic_facet | Rational expectations (Economic theory) Global Financial Crisis, 2008-2009. Economic forecasting. Risk. Keynesian economics. Securities Prices. Crise financière mondiale, 2008-2009. Prévision économique. Risque. Keynésianisme. Valeurs mobilières Prix. POLITICAL SCIENCE Economic Conditions. BUSINESS & ECONOMICS Economics Macroeconomics. POLITICAL SCIENCE Public Policy Economic Policy. Economic forecasting Keynesian economics Risk Securities Prices |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=356473 |
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