“Beyond Mechanical Markets” is a groundbreaking look at how to tame asset booms and busts.
Roman Frydman, a professor at New York University, and Michael D. Goldberg, of the University of New Hampshire, set out to expose most economic models, rational and behavioral alike, as misguided and downright dangerous.
Though “Beyond Mechanical Markets” spares us equations, it isn’t for anyone who suffers from attention-deficit disorder. Readers must digest sentences stretching beyond 40 words and exegeses on the Rational Expectations Hypothesis. They also must bear with an account that says surprisingly little about the role of credit growth in asset bubbles.
Yet of all the books I’ve read on the crisis that began in 2007, this one comes closest to laying a foundation for a more pragmatic and genuinely useful school of economics. James Pressley, Bloomberg News
