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Beyond Mechanical Markets by Michael D. Goldberg, Roman Frydman

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What Went Wrong andWhat We Can Do about It

Quite apart from the fact that we do not know the future, the future is objectively not fixed. The future is open: objectively open.

—Karl R. Popper, A World of Propensities

I confess that I prefer true but imperfect knowledge…to a pretense of exact knowledge that is likely to be false.

—Friedrich A. Hayek,“The Pretence of Knowledge,” Nobel Lecture

 

 

 

THE FATAL FLAW

Instability is an inherent feature of capitalist economies, perhaps nowhere more markedly so than in modern financial markets. Asset prices and risk tend to fluctuate, and, as recent experience in housing, equity, currency, and commodity markets around the world has shown, upswings in prices sometimes become excessive, eventually ...

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