Idioma: Inglés
Publicado por The MIT Press Bookstore, 2008
ISBN 10: 0262633671 ISBN 13: 9780262633673
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Idioma: Inglés
Publicado por MIT Press Ltd, Cambridge, Mass., 2008
ISBN 10: 0262633671 ISBN 13: 9780262633673
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Añadir al carritoPaperback. Condición: new. Paperback. 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. A pioneering work in the social studies of finance describes how the emergence of modern finance theory has affected financial markets in fundamental ways--as an engine that shapes them rather than a camera that reproduces their every detail. Shipping may be from multiple locations in the US or from the UK, depending on stock availability.
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Idioma: Inglés
Publicado por The MIT Press Bookstore, 2008
ISBN 10: 0262633671 ISBN 13: 9780262633673
Librería: Biblios, Frankfurt am main, HESSE, Alemania
EUR 38,40
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Idioma: Inglés
Publicado por MIT Press Ltd, Cambridge, Mass., 2008
ISBN 10: 0262633671 ISBN 13: 9780262633673
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EUR 85,00
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Añadir al carritoPaperback. Condición: new. Paperback. 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. A pioneering work in the social studies of finance describes how the emergence of modern finance theory has affected financial markets in fundamental ways--as an engine that shapes them rather than a camera that reproduces their every detail. Shipping may be from our Sydney, NSW warehouse or from our UK or US warehouse, depending on stock availability.
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