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Item Details
| Title:
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IMPERFECT KNOWLEDGE ECONOMICS
EXCHANGE RATES AND RISK |
| By: |
Roman Frydman, Michael D. Goldberg, Edmund S. Phelps (Foreword) |
| Format: |
Hardback |
| List price:
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£84.00 |
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We believe that this item is permanently unavailable, and so we cannot source
it.
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| ISBN 10: |
0691121605 |
| ISBN 13: |
9780691121604 |
| Publisher: |
PRINCETON UNIVERSITY PRESS |
| Pub. date: |
13 August, 2007 |
| Pages: |
368 |
| Description: |
Posing a challenge to economic orthodoxy, this title asserts that exact models of purposeful human behavior are beyond the reach of economic analysis. It argues that longstanding empirical failures of conventional economic models stem from their futile efforts to make exact predictions about the consequences of rational, self-interested behavior. |
| Synopsis: |
Posing a major challenge to economic orthodoxy, Imperfect Knowledge Economics asserts that exact models of purposeful human behavior are beyond the reach of economic analysis. Roman Frydman and Michael Goldberg argue that the longstanding empirical failures of conventional economic models stem from their futile efforts to make exact predictions about the consequences of rational, self-interested behavior. Such predictions, based on mechanistic models of human behavior, disregard the importance of individual creativity and unforeseeable sociopolitical change. Scientific though these explanations may appear, they usually fail to predict how markets behave. And, the authors contend, recent behavioral models of the market are no less mechanistic than their conventional counterparts: they aim to generate exact predictions of "irrational" human behavior. Frydman and Goldberg offer a long-overdue response to the shortcomings of conventional economic models. Drawing attention to the inherent limits of economists' knowledge, they introduce a new approach to economic analysis: Imperfect Knowledge Economics (IKE). IKE rejects exact quantitative predictions of individual decisions and market outcomes in favor of mathematical models that generate only qualitative predictions of economic change. Using the foreign exchange market as a testing ground for IKE, this book sheds new light on exchange-rate and risk-premium movements, which have confounded conventional models for decades. Offering a fresh way to think about markets and representing a potential turning point in economics, Imperfect Knowledge Economics will be essential reading for economists, policymakers, and professional investors. |
| Illustrations: |
35 line illus. 14 tables. |
| Publication: |
US |
| Imprint: |
Princeton University Press |
| Returns: |
Returnable |
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Ramadan and Eid al-Fitr
A celebratory, inclusive and educational exploration of Ramadan and Eid al-Fitr for both children that celebrate and children who want to understand and appreciate their peers who do.
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