![]() |
| ||||||||||||||||||
|
Sell Back Your Copy for $13.00
No matter where you bought them, get up to 70% back when you sell your books at Amazon.com.
Used Price$29.82
Trade-in Price$13.00
Price after
Trade-in$16.82 |
Product Details
Would you like to update product info or give feedback on images? |
This book should be read and understood by every economics student who reads Samuelson and asks: what has 'utility' to do with the data. A very good complementary book is Osborne's "The stock market from a physicist's viewpoint". Osborne introduced tha idea of lognormal stock prices (thereby paving the way for the Black-Scholes equation and derivatives trading). In his first two chapters, without the benefit of the historic perspective offered by Mirowski, Osborne explains why the supply-demand curves drawn by Samuelson are wrong and misleading, and then goes on to illustrate how one could obtain correct discrete plots real data. For example: if 25 tomatoes are available (supply) then what's the price? Clearly, there is no answer. Price does not exist as a function of supply, nor of demand (nonuniqueness). Osborne goes on to suggest that the three related assumptions of equilibrium, continous price changes and efficiency are not supported by the data, and observes that there are traders who make money out of the inefficiency of the market. Mirowski and Osborne are strongly recommended to anyone who wants to understand economics.
|