The End Of Theory Financial Crises The Failure Of Economics And The Sweep Of Human Interaction

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The End Of Theory

Author : Richard Bookstaber
ISBN : 9780691191850
Genre : Business & Economics
File Size : 20.66 MB
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An in-depth look at how to account for the human complexities at the heart of today’s financial system Our economy may have recovered from the Great Recession—but not our economics. The End of Theory discusses why the human condition and the radical uncertainty of our world renders the standard economic model—and the theory behind it—useless for dealing with financial crises. What model should replace it? None. At least not any version we’ve been using for the past two hundred years. Richard Bookstaber argues for a new approach called agent-based economics, one that takes as a starting point the fact that we are humans, not the optimizing automatons that standard economics assumes we are. Sweeping aside the historic failure of twentieth-century economics, The End of Theory offers a novel perspective and more realistic framework to help prevent today's financial system from blowing up again.
Category: Business & Economics

Heterogeneous Agent Modeling

Author : Cars Hommes
ISBN : 9780444641328
Genre : Business & Economics
File Size : 67.52 MB
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Handbook of Computational Economics: Heterogeneous Agent Modeling, Volume Four, focuses on heterogeneous agent models, emphasizing recent advances in macroeconomics (including DSGE), finance, empirical validation and experiments, networks and related applications. Capturing the advances made since the publication of Volume Two (Tesfatsion & Judd, 2006), it provides high-level literature with sections devoted to Macroeconomics, Finance, Empirical Validation and Experiments, Networks, and other applications, including Innovation Diffusion in Heterogeneous Populations, Market Design and Electricity Markets, and a final section on Perspectives on Heterogeneity. Helps readers fully understand the dynamic properties of realistically rendered economic systems Emphasizes detailed specifications of structural conditions, institutional arrangements and behavioral dispositions Provides broad assessments that can lead researchers to recognize new synergies and opportunities
Category: Business & Economics

How Growth Really Happens

Author : Michael H. Best
ISBN : 9780691179254
Genre : Business & Economics
File Size : 82.4 MB
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A groundbreaking study that shows how countries can create innovative, production-based economies for the twenty-first century Achieving economic growth is one of today's key challenges. In this groundbreaking book, Michael Best argues that to understand how successful growth happens we need an economic framework that focuses on production, governance, and skills. This production-centric framework is the culmination of three simultaneous journeys. The first has been Best's visits to hundreds of factories worldwide, starting early as the son of a labor organizer and continuing through his work as an academic and industrial consultant. The second is a survey of two hundred years of economic thought from Babbage to Krugman, with stops along the way for Marx, Marshall, Young, Penrose, Richardson, Schumpeter, Kuznets, Abramovitz, Keynes, and Jacobs. The third is a tour of historical episodes of successful and failed transformations, focusing sharply on three core elements—the production system, business organization, and skill formation—and their interconnections. Best makes the case that government should create the institutional infrastructures needed to support these elements and their interconnections rather than subsidize individual enterprises. The power of Best's alternative framework is illustrated by case studies of transformative experiences previously regarded as economic "miracles": America's World War II industrial buildup, Germany's postwar recovery, Greater Boston's innovation system, Ireland's tech-sector boom, and the rise of the Asian Tigers and China. Accessible and engaging, How Growth Really Happens is required reading for anyone who wants to advance today's crucial debates about industrial policy, free trade, outsourcing, and the future of work.
Category: Business & Economics

Too Smart For Our Own Good Ingenious Investment Strategies Illusions Of Safety And Market Crashes

Author : Bruce I. Jacobs
ISBN : 9781260440553
Genre : Business & Economics
File Size : 69.33 MB
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How investment strategies designed to reduce risk can increase risk for everyone—and can crash markets and economies Financial crises are often blamed on unforeseeable events, the unforgiving nature of capital markets, or just plain bad luck. Too Smart for Our Own Good argues that these crises are caused by certain alluring investment strategies that promise both high returns and safety of capital. In other words, the severe and widespread crises we have suffered in recent decades were not perfect storms. Instead, they were made by us. By understanding how and why this is so, we may be able to avoid or ameliorate future crises—and maybe even anticipate them. One of today’s leading financial thinkers, Bruce I. Jacobs, examines recent financial crises—including the 1987 stock market crash, the 1998 collapse of the hedge fund Long-Term Capital Management, the 2007–2008 credit crisis, and the European debt crisis—and reveals the common threads that explain these market disruptions. In each case, investors in search of safety were drawn to novel strategies that were intended to reduce risk but actually magnified it—and blew up markets. Too Smart for Our Own Good takes a behind-the-curtain look at: • The inseparable nature of investment risk and reward and the often counterproductive effects of some popular approaches for reducing risk • A trading strategy known as portfolio insurance and the key role it played in the 1987 stock market crash • How option-related trading disrupted markets in the decade following the 1987 crash • Why the demise of Long-Term Capital Management in 1998 wreaked havoc on US stock and bond markets • How mortgage-backed financial products, by shifting risk from one party to another, created the credit crisis of 2007–2008 and contributed to the subsequent European debt crisis This broad, detailed investigation of financial crises is the most penetrating and objective look at the subject to date. In addition, Jacobs, an industry insider, offers invaluable insights into the nature of investment risk and reward, and how to manage risk. Risk is unavoidable—especially in investing—and financial markets connect us all. Until we accept these facts and manage risk in responsible ways, major crises will always be just around the bend. Too Smart for Our Own Good is a big step toward smarter investing—and a better financial future for everyone.
Category: Business & Economics

The Geometry Of Economic Space

Author : Jason Potts
ISBN : UOM:39015042646474
Genre : Space in economics
File Size : 80.21 MB
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In this paper I show how there are two fundamental spaces over which to construct economic theory: an integral space (a field R"), and a non-integral space (a graph, S). I then argue that the body of heterodox critique of the neclassical and neowalrasian economics over the course of this century can be reduced to a single, simple point: namely, that the geometry of economic space is not a field, but a network of incompletely connected elements. The more general case is a non-integral geometry, and it is this that underpins the rubric of heterodox economics as and evolutionary microeconomics.
Category: Space in economics

The American Spectator

Author :
ISBN : STANFORD:36105010120843
Genre : United States
File Size : 29.82 MB
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Category: United States

Historical Abstracts

Author :
ISBN : STANFORD:36105020774837
Genre : History, Modern
File Size : 58.52 MB
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Category: History, Modern

Asian Business

Author :
ISBN : UCSD:31822020581054
Genre : Asia
File Size : 45.82 MB
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Category: Asia

The New Evolutionary Microeconomics

Author : Jason Potts
ISBN : STANFORD:36105025209870
Genre : Business & Economics
File Size : 65.8 MB
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"This new book should prove timely and important for evolutionary and computational economists as well as those in the fields of managerial economics, business studies and marketing."--Jacket.
Category: Business & Economics

Congressional Record

Author : United States. Congress
ISBN : STANFORD:36105009865507
Genre : Law
File Size : 22.83 MB
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The Congressional Record is the official record of the proceedings and debates of the United States Congress. It is published daily when Congress is in session. The Congressional Record began publication in 1873. Debates for sessions prior to 1873 are recorded in The Debates and Proceedings in the Congress of the United States (1789-1824), the Register of Debates in Congress (1824-1837), and the Congressional Globe (1833-1873)
Category: Law

American Sociological Review

Author :
ISBN : UOM:39076000748991
Genre : Electronic journals
File Size : 30.12 MB
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Includes sections "Book reviews" and "Periodical literature."
Category: Electronic journals

New Society

Author :
ISBN : IND:30000093229163
Genre : Great Britain
File Size : 65.10 MB
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Category: Great Britain

Liberty Review

Author :
ISBN : UOM:39015082316137
Genre :
File Size : 32.89 MB
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Category:

The Publishers Weekly

Author :
ISBN : UCSD:31822036342608
Genre : American literature
File Size : 74.77 MB
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Category: American literature

Cultures In Contact

Author : Dirk Hoerder
ISBN : 0822328348
Genre : Social Science
File Size : 81.90 MB
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A landmark work on human migration around the globe, Cultures in Contact provides a history of the world told through the movements of its people. It is a broad, pioneering interpretation of the scope, patterns, and consequences of human migrations over the past ten centuries. In this magnum opus thirty years in the making, Dirk Hoerder reconceptualizes the history of migration and immigration, establishing that societal transformation cannot be understood without taking into account the impact of migrations and, indeed, that mobility is more characteristic of human behavior than is stasis. Signaling a major paradigm shift, Cultures in Contact creates an English-language map of human movement that is not Atlantic Ocean-based. Hoerder describes the origins, causes, and extent of migrations around the globe and analyzes the cultural interactions they have triggered. He pays particular attention to the consequences of immigration within the receiving countries. His work sweeps from the eleventh century forward through the end of the twentieth, when migration patterns shifted to include transpacific migration, return migrations from former colonies, refugee migrations, and distinct regional labor migrations in the developing world. Hoerder demonstrates that as we enter the third millennium, regional and intercontinental migration patterns no longer resemble those of previous centuries. They have been transformed by new communications systems and other forces of globalization and transnationalism.
Category: Social Science