Justin Fox is TIME's business and economics columnist.
Justin Fox’s The Myth of the Rational Market tells the story of how we came to believe that financial markets knew best, and how that belief steered us wrong. Chronicling the rise and fall of efficient market theory and its century-long role in the making of the modern financial industry, the book is both history and intellectual whodunit. It brings to life the people and ideas that forged modern finance and investing, from the Great Depression and into the financial calamity of today. It’s a tale largely about professors, but professors who made and lost fortunes, battled fiercely over ideas, beat the house in blackjack, wrote bestselling books, and played major roles on the world stage. It’s also a tale of Wall Street’s evolution, the power of the market to generate wealth and wreak havoc, and free-market capitalism’s recurrent war with itself.
The efficient market hypothesis—long part of academic folklore but codified in the 1960s at the University of Chicago—has evolved into a powerful myth. It has been the driver of trillions of investing dollars, the inspiration for index funds and vast new derivatives markets. In its strongest form, the theory holds that the decisions of millions of investors, all digging for information and striving for an edge, inevitably add up to rational, perfect markets. That belief has crumbled.
Celebrated journalist Fox introduces a new wave of scholars who no longer teach that investors are rational or that markets are always right. Many now agree with Yale professor Robert Shiller that efficient market theory “represents one of the most remarkable errors in the history of economic thought.” Today the theory is giving way to new hypotheses of market behavior growing out of psychology, physics, evolutionary biology—and even traditional economics. In his landmark intellectual history, Fox uncovers the new ideas that may drive markets in the century ahead.
發表於2024-12-26
The Myth of the Rational Market 2024 pdf epub mobi 電子書 下載
其實我覺得書名應該翻譯為《有效市場的神話》,作者並沒有很尖銳的批判有效市場假說,更沒有論證有效市場假說就是個謬論,隻是作者認為許多學者沒有把有效市場和現實世界分開,把有效市場當成瞭信仰而已。 看這本書多少是懷著激動的心情看完的。不管是對於學術研究...
評分作者:英國《金融時報》投資編輯約翰•奧瑟茲(John Authers) 有效市場理論曾是一種“假說”。按照保羅•薩繆爾森(Paul Samuelson)在1937年的說法,這種理論“易被可觀察到的事實駁倒”。 但隨著該理論的發展以及金融傢的更加重視,它變成瞭一種“既定事實”。到1978年,...
評分Justin Fox's The Myth of the Rational Market reviews the development of financial economics, starting from Irving Fisher, with his The Theory of Interest, to Robert Shiller, with his study in behavioral finance, challenging the efficient-market hypothesis. ...
評分其實我覺得書名應該翻譯為《有效市場的神話》,作者並沒有很尖銳的批判有效市場假說,更沒有論證有效市場假說就是個謬論,隻是作者認為許多學者沒有把有效市場和現實世界分開,把有效市場當成瞭信仰而已。 看這本書多少是懷著激動的心情看完的。不管是對於學術研究...
評分Justin Fox's The Myth of the Rational Market reviews the development of financial economics, starting from Irving Fisher, with his The Theory of Interest, to Robert Shiller, with his study in behavioral finance, challenging the efficient-market hypothesis. ...
圖書標籤: 金融 經濟 經濟學 曆史 Finance economics&finance economics 心理
當英語學習資料瞭〜 :(退化成這樣
評分現代金融學的發展曆史,大牛們一個接一個登場,八卦特彆多
評分立意很有趣,但執行差點,其實還不如作為雜誌文章保留。講金融思想史太多蜻蜓點水,而且有時很混亂,雖然看看無礙,但遠不如Bernstein來的清晰。有時文筆略有趣味,但總體隻能當作不甚好看的輔助教材來看
評分現代金融學的發展曆史,大牛們一個接一個登場,八卦特彆多
評分現代金融學的發展曆史,大牛們一個接一個登場,八卦特彆多
The Myth of the Rational Market 2024 pdf epub mobi 電子書 下載