市场动力学 : 经济物理学和金融

This book emphasizes what standard texts andresearch in economics and finance ignore: that there is as yet noevidence from the analysis of real, unmassaged market data tosupport the notion of Adam Smith's stabilizing Invisible Hand.There is no empirical evidence for stable equilibrium, for astabilizing hand to provide self-regulation of unregulated markets.This is in stark contrast with the standard model taught in typicaleconomics texts (Mankiw, 2000; Barro, 1997), which forms the basisfor the positions of the US Treasury, the European Union, the WorldBank, and the IMF, who take the standard theory as their credo(Stiglitz, 2002). Our central thrust is to introduce a newempirically based model of fnancial market dynamics that pricesoptions correctly and also makes clear the instability of financialmarkets. Our emphasis is on understanding how markets reallybehave, not how they hypothetically "should" behave as predicted bycompletely unrealistic models.