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The End of Theory

The End of Theory

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. The End of Theory 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. Richard 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. Sweeping aside the historic failure of twentieth-century economics, The End of Theory offers a novel perspective and more realistic framework to help prevent today's financial system from blowing up again.

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Author
Publisher Princeton University Press
Release Date
ISBN 0691191859
Pages 240 pages
Rating 4/5 (50 users)

This observation is strongevidence supporting the Alvarez theory that a meteor hit the Earth around that time. With the Alvarezes and the dinosaurs we are looking at a specific case, not trying to build an elegant general model.

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