The End of Theory
GBP 28.00
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| ISBN13: | 9780691169019 |
| ISBN10: | 0691169012 |
| Kötéstípus: | Keménykötés |
| Terjedelem: | 240 oldal |
| Méret: | 234x152 mm |
| Súly: | 509 g |
| Nyelv: | angol |
| Illusztrációk: | 10 line illus. |
| 0 |
"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
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. In The End of Theory, Richard Bookstaber 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. Instead, 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.
Bookstaber's groundbreaking paradigm promises to do a far better job at preventing crises and managing those that break out. As he explains, our varied memories and imaginations color our economic behavior in unexpected hues. Agent-based modeling embraces these nuances by avoiding the mechanistic, unrealistic structure of our current economic approach. Bookstaber tackles issues such as radical uncertainty, when circumstances take place beyond our anticipation, and emergence, when innocent, everyday interactions combine to create sudden chaos. Starting with the realization that future crises cannot be predicted by the past, he proposes an approach that recognizes the human narrative while addressing market realities.
Sweeping aside the historic failure of twentieth-century economics, The End of Theory offers a novel and innovative perspective, along with a more realistic and human framework, to help prevent today's financial system from blowing up again.
"Selected for Askblog?s Books of the year 2017"
