Description

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.

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

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Paperback / softback by Richard Bookstaber

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An in-depth look at how to account for the human complexities at the heart of today’s financial systemOur economy may... Read more

    Publisher: Princeton University Press
    Publication Date: 02/04/2019
    ISBN13: 9780691191850, 978-0691191850
    ISBN10: 0691191859

    Number of Pages: 240

    Non Fiction , Business, Finance & Law

    Description

    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.

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