December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
Markets and firms
KEY THINKER
Eugene Fama (1939–)
BEFORE
1863 French broker Jules Regnault publishes Playing the Odds and the Philosophy of the Stock Exchange, which states that fluctuations in the stock market cannot be predicted.
1964 US economist Paul Cootner develops Regnault’s ideas on fluctuating markets in his The Random Character of Stock Market Prices.
AFTER
1980 US economist Richard Thaler publishes the first study of behavioral economics.
2011 Paul Volcker, former chairman of the US Federal Reserve, blames an “unjustified faith in rational expectations and market efficiencies” for the 2008 financial crash.
A commonly held belief ...
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