The Myth of the Rational Market

The Myth of the Rational Market

A History of Risk, Reward, and Delusion on Wall Street

Book - 2009
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"Do we really need yet another book about the financial crisis? Yes, we do--because this one is different....A must-read for anyone who wants to understand the mess we're in."
--Paul Krugman, New York Times Book Review

"Fox makes business history thrilling."
--St. Louis Post-Dispatch

A lively history of ideas, The Myth of the Rational Market by former Time Magazine economics columnist Justin Fox, describes with insight and wit the rise and fall of the world's most influential investing idea: the efficient markets theory. Both a New York Times bestseller and Notable Book of the Year--longlisted for the Financial Times Business Book of the Year Award and named one of Library Journal Best Business Books of the Year--The Myth of the Rational Market carries readers from the earliest days of Wall Street to the current financial crisis, debunking the long-held myth that the stock market is always right in the process while intelligently exploring the replacement theory of behavioral economics.

Publisher: New York : Collins Business, c2009.
Edition: First edition
ISBN: 9780060598990
Branch Call Number: 332.6401 FOX J
Characteristics: xvi, 382 pages ; 25 cm.


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Aug 05, 2017

This is a good book that takes the reader through the history of the efficient market theory, including the academic debates that economy professors engaged throughout the 20th century. Sometimes, the book feels more like an academic review of the subject matter, making it a cumbersome reading experience. The book end with the 2008 financial crisis, making clear that the efficient market theory (which contends that the market knows best and all assets are properly priced based on intrinsic values) was not a useful approach for society and participated in the creation of bubbles. The book is worth reading if you want to get an in-depth knowledge of economics and finance in the 20th century.


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