How Markets Fail by John Cassidy
The Logic of Economic Calamities
The book argues that markets are not inherently self-correcting and that faith in efficient-market theory and mathematical models helped precipitate recurring financial crises; it traces how assumptions of rational actors, flawed models, perverse incentives and deregulation obscured systemic risk and enabled asset bubbles and collapses up to the 2007–08 meltdown. By combining history of economic ideas with case studies of crashes and failures, the author shows how complexity, uncertainty and human behavior produce market breakdowns and contends that stronger regulation and intellectual humility are needed to prevent future calamities.
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- Published
- 2009
- Nationality
- British
- Length
- Unknown
- Pages
- Unknown
- Original Language
- English
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