What Physics, Meteorology, and the Natural Sciences Can Teach Us About Economics

Book - 2013
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Positive feedback--when A produces B, which in turn produces even more A--drives not only abrupt climate changes, but also disruptive events in economics and finance, from asset bubbles to debt crises, bank runs, even corporate corruption. But economists, with few exceptions, have ignored this reality for fifty years, holding on to the unreasonable belief in the wisdom of the market. It's past time to be asking how markets really work. Can we replace economic magical thinking with a better means of predicting what the financial future holds, in order to prepare for--or even avoid--the next extreme economic event? Here, physicist and acclaimed science writer Mark Buchanan answers these questions and more in a master lesson on a smarter economics, which accepts that markets act much like weather. Market instability is as natural--and dangerous--as a prairie twister. With Buchanan's help, perhaps we can better govern the markets and weather their storms.--From publisher description.
Publisher: New York : Bloomsbury, c2013
Edition: 1st U.S. ed
Description: x, 261 p. : ill. ; 25 cm
ISBN: 9781608198511
Branch Call Number: 330 Buc


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Nov 12, 2017

A refreshing and scathing indictment of the current fashion in economics for “ general equilibrium” models. Perhaps we are going to have to wait for a few more funerals of prominent professors of economics before the current paradigm can be overthrown, but Buchanan points to some hopeful signs.

Feb 27, 2014

Excellent demolition of the prevailing economic theories that have refused to investigate, let alone understand, the cause of instability in the economy. Fraud by big banks and others plays some part, as does political incompetence, but willful ignorance by academia influencing policies in government and financial companies is a more pervasive, and harder to fight, root cause.

Feb 09, 2014

In January, 2014, once again JPMorgan Chase and Goldman Sachs pay criminal penalties, this time for fixing precious metals rates. That's the reason this is a fundamentally stupid book: every other month for the past twelve years or thereabouts, either JPMorgan Chase, or Goldman Sachs, pays a penalty to the government for some form of financial fraud. According to recent SEC investigations and news releases, the following have been rigged, and affect trillions or potentially hundreds of trillions of dollars' worth of contracts: LIBOR rates, interest rate swap/derivatives rates, FOREX rates, precious metals rates, oil/energy futures, et cetera! This fellow appears not to be aware of all this? ? ? How very perplexing?

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