Title
An Engine, Not a Camera: How Financial Models Shape Markets (Inside Technology),New
Delivery time: 8-12 business days (International)
In An Engine, Not a Camera, Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways. These new, Nobel Prizewinning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes.Paraphrasing Milton Friedman, MacKenzie says that economic models are an engine of inquiry rather than a camera to reproduce empirical facts. More than that, the emergence of an authoritative theory of financial markets altered those markets fundamentally. For example, in 1970, there was almost no trading in financial derivatives such as 'futures.' By June of 2004, derivatives contracts totaling $273 trillion were outstanding worldwide. MacKenzie suggests that this growth could never have happened without the development of theories that gave derivatives legitimacy and explained their complexities.MacKenzie examines the role played by finance theory in the two most serious crises to hit the world's financial markets in recent years: the stock market crash of 1987 and the market turmoil that engulfed the hedge fund LongTerm Capital Management in 1998. He also looks at finance theory that is somewhat beyond the mainstreamchaos theorist Benoit Mandelbrot's model of 'wild' randomness. MacKenzie's pioneering work in the social studies of finance will interest anyone who wants to understand how America's financial markets have grown into their current form.
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We provide a 2-year limited warranty, from the date of purchase for all our products.
If you believe you have received a defective product, or are experiencing any problems with your product, please contact us.
This warranty strictly does not cover damages that arose from negligence, misuse, wear and tear, or not in accordance with product instructions (dropping the product, etc.).
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Frequently Asked Questions
- Q: What is the main argument of 'An Engine, Not a Camera'? A: The book argues that modern economic theories of finance fundamentally shape financial markets rather than merely analyzing them.
- Q: Who is the author of this book? A: The author of 'An Engine, Not a Camera' is Donald MacKenzie.
- Q: What topics does the book cover? A: It covers the impact of financial theories on markets, the stock market crash of 1987, the Long-Term Capital Management crisis, and chaos theory in finance.
- Q: How many pages does the book have? A: The book has a total of 392 pages.
- Q: What is the binding type of this book? A: The book is available in paperback binding.
- Q: When was 'An Engine, Not a Camera' published? A: The book was published on August 29, 2008.
- Q: Is there a specific edition for this book? A: Yes, this is the First Edition of 'An Engine, Not a Camera'.
- Q: What are some key themes discussed in the book? A: Key themes include the legitimacy of financial derivatives, the role of finance theory in market crises, and the influence of mathematical models on economic processes.
- Q: Who would benefit from reading this book? A: Anyone interested in understanding the evolution of financial markets and the impact of economic theories will find this book valuable.
- Q: Does the book include any case studies? A: Yes, it includes analyses of significant market events such as the 1987 stock market crash and the 1998 Long-Term Capital Management crisis.