The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction

The End of Theory

Financial Crises, the Failure of Economics, and the Sweep of Human Interaction
 
Publisher: Princeton University Press
Date of Publication:
Number of Volumes: Print PDF
 
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Product details:

ISBN13:9780691169019
ISBN10:0691169012
Binding:Hardback
No. of pages:240 pages
Size:234x152 mm
Weight:509 g
Language:English
Illustrations: 10 line illus.
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Short description:

"Erudite, fun to read, and sure to be a classic, The End of Theory discards the standard paradigms of economics. Financial crises, Bookstaber argues, are best modeled as they occur in reality: the heuristic interactions of humans in a complex environment."--Darrell Duffie, Stanford University

"Greg Mankiw said a decade ago, ?The fact that modern macroeconomic research is not widely used in practical policymaking is prima facie evidence that it is of little use for this purpose.' In The End of Theory, Richard Bookstaber explains why this is so, and presents an alternative to change this situation. Showing that agent-based modeling provides a way of recognizing patterns that emerge as economic crises develop, Bookstaber's approach should help dampen crises and their impacts. What could be more important?"--Alan Kirman, director of studies, École des Hautes Études en Sciences Sociales and emeritus professor of economics, Aix-Marseille University

"Seeking to reorient economics research, this ambitious book outlines a strong alternative approach based on agent-based computational models. With a lively and engaging style, Bookstaber reveals a deep knowledge of several fields, including mathematics and computer science, and a practical understanding of the financial sector. His book is fun to read, pedagogically brilliant, and deeply erudite."--Rajiv Sethi, Barnard College

"This impressive book ties together important insights from several disciplines?from science and philosophy to literature?and applies them to questions of financial stability and economic modeling. From this in-depth perspective, Bookstaber offers readers a great deal of useful information about the 2008 financial crisis and stresses how ripples of events tracked across the system."--Blake LeBaron, Brandeis University

Long description: