An Engine Not a Camera How Financial Models Shape Markets Inside Technology Donald Mackenzie Books Livres gratuit An%20Engine%20Not%20a%20Camera%20How%20Financial%20Models%20Shape%20Markets%20Inside%20Technology%20Donald%20Mackenzie%20Books
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Livres gratuit An Engine Not a Camera How Financial Models Shape Markets Inside Technology Donald Mackenzie Books ACA
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.
Donald Mackenzie,An Engine, Not a Camera How Financial Models Shape Markets (Inside Technology),The MIT Press,0262134608,Capital market - Mathematical models,Capital market;Mathematical models.,Derivative securities - Mathematical models,Derivative securities;Mathematical models.,Financial crises,Financial crises - Mathematical models,Financial crises;Mathematical models.,BUSINESS ECONOMICS / Economic History,BUSINESS ECONOMICS / Finance / General,Business,Business Economics,Business / Economics / Finance,Business/Economics,Capital market,Credit credit institutions,Derivative securities,Economic History,History,Impact of science technology on society,Mathematical models,Monograph Series, any,Non-Fiction,SCIENCE / History,Scholarly/Graduate,Science/History,Science general issues,TECHNOLOGY ENGINEERING / Social Aspects,UNIVERSITY PRESS,United States
An Engine Not a Camera How Financial Models Shape Markets Inside Technology Donald Mackenzie Books Reviews :
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.
Donald Mackenzie,An Engine, Not a Camera How Financial Models Shape Markets (Inside Technology),The MIT Press,0262134608,Capital market - Mathematical models,Capital market;Mathematical models.,Derivative securities - Mathematical models,Derivative securities;Mathematical models.,Financial crises,Financial crises - Mathematical models,Financial crises;Mathematical models.,BUSINESS ECONOMICS / Economic History,BUSINESS ECONOMICS / Finance / General,Business,Business Economics,Business / Economics / Finance,Business/Economics,Capital market,Credit credit institutions,Derivative securities,Economic History,History,Impact of science technology on society,Mathematical models,Monograph Series, any,Non-Fiction,SCIENCE / History,Scholarly/Graduate,Science/History,Science general issues,TECHNOLOGY ENGINEERING / Social Aspects,UNIVERSITY PRESS,United States
An Engine, Not a Camera How Financial Models Shape Markets (Inside Technology) (9780262134606) Donald Mackenzie Books
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