Fischer Black opens his Introduction to Business Cycles and Equilibrium with the following: ‘Since the late 1960s I have been working on theories that depend on the idea that economic and financial markets are in continual equilibrium. Equilibrium means there are no opportunities to make abnormal profits; moregenerally, it means that there are no easy ways for people to shift positionsin a way that makes everyone better off.’ With chapters dedicated to ‘the effects of uncontrolled banking,’ ‘the trouble with econometric models,’ and ‘theeffects of noise.’ Black foresaw the risky business of risk before others. Hewas before his time. His theory and application are relevant to today's crisis, and with the addition of a new Introduction, Business Cycles and Equilibrium Updated Edition will shed some light on the how's and why's of the financialand economic breakdown.
- ISBN: 978-0-470-49917-7
- Editorial: John Wiley & Sons
- Encuadernacion: Cartoné
- Páginas: 197
- Fecha Publicación: 20/11/2009
- Nº Volúmenes: 1
- Idioma: Inglés