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The End of Theory

by Bookstaber, Richard hardback, 240 pages
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  9780691169019 
Princeton University Press 
31/05/2017 
United States 

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An in-depth look at how to account for the human complexities at the heart of today's financial system Our economy may have recovered from the Great Recession--but not our economics. In The End of Theory, Richard Bookstaber, one of the world's leading risk managers, discusses why the human condition and the radical uncertainty of our world renders the standard economic model--and the theory behind it--useless for dealing with financial crises. What model should replace it? None. At least not any version we've been using for the past two hundred years. Instead, Bookstaber argues for a new approach called agent-based economics, one that takes as a starting point the fact that we are humans, not the optimizing automatons that standard economics assumes we are. Bookstaber's groundbreaking paradigm promises to do a far better job at preventing crises and managing those that break out.