Includes bibliographical references (p. [127]-129) and index.
Contents:
Black & Scholes risk management formula -- Financial deregulation of the early eighties -- The return of laissez faire and the re-celebration of greed -- The logic of financial bubbles that burst -- Mighty bubbles from little acorns grow -- A Faustian bargain (how liberals and conservatives both got it wrong) -- The final collapse in October 2008 -- Uniformitarianism -- Punctuated equilibrium and the froca process -- Human behavior in punctuation vs. equilibrium -- Getting it right.
Summary:
"This book analyzes the 2008 crash from the perspective of evolution, or "punctuated equilibrium." The author pinpoints historical events that gave rise to unrealistic theories and ideologies, showing how they, in turn, gave rise to policies that led to collapse. He explains how Darwin's now discredited theory of "uniformitarianism" (evolution as a continuous, smooth process) led economists to ignore how evolution actually influences economies and economic behavior, and he shows what we can do so it doesn't happen again."--Jacket.
This resource is supported by the Institute of Museum and Library Services under the provisions of the Library Services and Technology Act as administered by State Library of Iowa.