Book notes: Beyond Mechanical Markets: Asset Price Swings, Risk, and the Role of the State

Roman Frydman and Michael D. Goldberg, Beyond Mechanical Markets: Asset Price Swings, Risk, and the Role of the State, Princeton University Press, February 2011, 304 pages

The argument of this original and important book is that the fully predetermined economic models still used by central banks and others are seriously misleading and basically useless in dealing with a real world in which individuals are making imperfect and unpredictable interpretations of economic events. These models, even t

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