The Myth of the Rational Market : A History of Risk, Reward, and Delusion on Wall Street
Overview - Do we really need yet another book about the financial crisis? Yes, we do because this one is different .A must-read for anyone who wants to understand the mess we re in. Paul Krugman, New York Times Book Review Fox makes business history thrilling. St. Read more...
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Do we really need yet another book about the financial crisis? Yes, we do because this one is different .A must-read for anyone who wants to understand the mess we re in. Paul Krugman, New York Times Book Review Fox makes business history thrilling. St. Louis Post-DispatchA lively history of ideas, The Myth of the Rational Market by former Time Magazine economics columnist Justin Fox, describes with insight and wit the rise and fall of the world s most influential investing idea: the efficient markets theory. Both a New York Times bestseller and Notable Book of the Year longlisted for the Financial Times Business Book of the Year Award and named one of Library Journal Best Business Books of the Year The Myth of the Rational Market carries readers from the earliest days of Wall Street to the current financial crisis, debunking the long-held myth that the stock market is always right in the process while intelligently exploring the replacement theory of behavioral economics."
Publishers Weekly Reviews
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At the core of the current financial crisis has been the widely held assumption that markets behave rationally. Fox, Time magazine editor-at-large, isn’t the first to bring scrutiny—or censure—to the conceit, but his analysis is singularly compelling, and the rare business history that reads like a thriller. Fox leads us on a chronological journey of modern economic theory, featuring the cast of scholars who constructed the 20th- and 21st-century financial landscape, from Irving Fisher to such post-WWII figures as Milton Friedman, Harry Markowitz, Franco Modigliani and Merton Miller, Jack Treynor and William Sharpe. Fox offers a behind-the-scenes glimpse at academia’s finest, complete with amusing anecdotes about the players and their theories, and illustrates how our economic behaviors and markets have been shaped by a gradually refined theory holding that the stock market prices are both random and perfectly rational. A must-read for anyone interested in the markets, our economy or government, this dense but spellbinding work brings modern finance and economics to life. (July)