The Myth of the Rational Market : A History of Risk, Reward, and Delusion on Wall Street

作者：JustinFox

出版社：HarperBusiness

副标题：AHistoryofRisk,Reward,andDelusiononWallStreet

出版年：2009-6-1

页数：382

定价：GBP21.51

装帧：Hardcover

ISBN：9780060598990

内容简介
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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.

作者简介
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Justin Fox is TIME's business and economics columnist.

评论 ······

立意很有趣，但执行差点，其实还不如作为杂志文章保留。讲金融思想史太多蜻蜓点水，而且有时很混乱，虽然看看无碍，但远不如Bernstein来的清晰。有时文笔略有趣味，但总体只能当作不甚好看的辅助教材来看

From Irving Fisher to random walk, then heading to efficient market hypothesis, ending with behavioral finance, this book goes through the history of finance.

当英语学习资料了〜 ：（退化成这样

chapter3.4.5.6
学术八卦史，圈外人难以进入语境，弃疗。

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