An Engine, Not a Camera: How Financial Models Shape Markets (Inside Technology)
Description:
In An Engine, Not a Camera, Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways. These new, Nobel Prize-winning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes.
Paraphrasing Milton Friedman, MacKenzie says that economic models are an engine of inquiry rather than a camera to reproduce empirical facts. More than that, the emergence of an authoritative theory of financial markets altered those markets fundamentally. For example, in 1970, there was almost no trading in financial derivatives such as "futures." By June of 2004, derivatives contracts totaling $273 trillion were outstanding worldwide. MacKenzie suggests that this growth could never have happened without the development of theories that gave derivatives legitimacy and explained their complexities.
MacKenzie examines the role played by finance theory in the two most serious crises to hit the world's financial markets in recent years: the stock market crash of 1987 and the market turmoil that engulfed the hedge fund Long-Term Capital Management in 1998. He also looks at finance theory that is somewhat beyond the mainstream―chaos theorist Benoit Mandelbrot's model of "wild" randomness. MacKenzie's pioneering work in the social studies of finance will interest anyone who wants to understand how America's financial markets have grown into their current form.
Best prices to buy, sell, or rent ISBN 9780262633673
Frequently Asked Questions about An Engine, Not a Camera: How Financial Models Shape Markets (Inside Technology)
The price for the book starts from $36.32 on Amazon and is available from 17 sellers at the moment.
If you’re interested in selling back the An Engine, Not a Camera: How Financial Models Shape Markets (Inside Technology) book, you can always look up BookScouter for the best deal. BookScouter checks 30+ buyback vendors with a single search and gives you actual information on buyback pricing instantly.
As for the An Engine, Not a Camera: How Financial Models Shape Markets (Inside Technology) book, the best buyback offer comes from and is $ for the book in good condition.
An Engine, Not a Camera: How Financial Models Shape Markets (Inside Technology) book is in low demand now as the rank for the book is 321,013 at the moment. It's a low rank, and the book has not much sales on Amazon.
The highest price to sell back the An Engine, Not a Camera: How Financial Models Shape Markets (Inside Technology) book within the last three months was on December 02 and it was $7.05.