Here are 100 books that The Myth of the Rational Market fans have personally recommended if you like
The Myth of the Rational Market.
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I am an economics professor at Victoria University of Wellington. As a previous Secretary of the New Zealand Treasury and Governor of the Reserve Bank of New Zealand, I have had quite a bit of experience watching economists’ ideas succeed and fail in the real world. I have written a number of books about policy economists and their lives in peace and wartime. (And a couple of novels too!)
This is the story of four (European and American) central bankers fighting the dramas and crises during the lead-up to the Great Depression. When crisis looms, Bank of England Governor Montagu Norman puts on a disguise and boards a cruise ship to consult with his friend Benjamin Strong in New York. If only financial crises could still be fought that way today! I liked it because I used to be a central bank governor myself!
"Erudite, entertaining macroeconomic history of the lead-up to the Great Depression as seen through the careers of the West's principal bankers . . . Spellbinding, insightful and, perhaps most important, timely." -Kirkus Reviews (starred)
"There is terrific prescience to be found in [Lords of Finance's] portrait of times past . . . [A] writer of great verve and erudition, [Ahamed] easily connects the dots between the economic crises that rocked the world during the years his book covers and the fiscal emergencies that beset us today." -The New York Times
When I first started covering Wall Street as a reporter, I faced a steep learning curve. I had always loved history, but I knew almost nothing about the history of Wall Street itself. I started educating myself -- and what began as a utilitarian effort to do my job better became a life-changing passion. Too often, financial history gets written for analysts and academics; it was a rare joy to find writers who told these wonderful Wall Street tales in an engaging, accessible way. That became my goal as an author: to write financial history in a way that could fascinate the general reader.
And here we are, in the Roaring Twenties, the decade that showed a nation how much trouble an unruly Wall Street can cause the country! The late John Brooks of The New Yorker had a gift for romping through important financial history in the most entertaining way possible. I discovered this gem of his when I was new to covering Wall Street; I’ve turned to it countless times since, both for the facts and for the fun!
Once in Golconda "In this book, John Brooks-who was one of the most elegant of all business writers-perfectly catches the flavor of one of history's best-known financial dramas: the 1929 crash and its aftershocks. It's packed with parallels and parables for the modern reader." -From the Foreword by Richard Lambert Editor-in-Chief, The Financial Times Once in Golconda is a dramatic chronicle of the breathtaking rise, devastating fall, and painstaking rebirth of Wall Street in the years between the wars. Focusing on the lives and fortunes of some of the era's most memorable traders, bankers, boosters, and frauds, John Brooks brings…
When I first started covering Wall Street as a reporter, I faced a steep learning curve. I had always loved history, but I knew almost nothing about the history of Wall Street itself. I started educating myself -- and what began as a utilitarian effort to do my job better became a life-changing passion. Too often, financial history gets written for analysts and academics; it was a rare joy to find writers who told these wonderful Wall Street tales in an engaging, accessible way. That became my goal as an author: to write financial history in a way that could fascinate the general reader.
It may seem odd to apply the word “thrilling” to an account of price movements through history. But for me, this book was one exciting “Aha!” moment after another. Fischer is a wonderful, whimsical writer, but he is also a brilliant historian who sees how the rhythms of the human economy – buying, selling, saving, spending – shape both the future and our understanding of the past. A truly surprising, brilliant book!
My entire career has been spent in finance. From life insurance to central banks, from stock exchanges to post-trade clearing and settlement, this is all I’ve ever done. My college degrees include BSBA in Business/Marketing, MBA in Management, and PhD in Economics. In addition to knowing what a lot of people know about finance, I also worked inside the “black box” of the Federal Reserve System and depository trust and clearing corporations (in 4 cities, on 2 continents). Therefore, I know more about the plumbing of stock market infrastructure than most people who have careers (and education) as long as mine.
I started working at Depository Trust Company in New York in September 1987 – a month later the “Black Monday” stock market crash happened! At the time, it was very difficult to see exactly what caused it. “When you are up to your neck in alligators, it is hard to remember why you drained the swamp!” This book explains how Wall Street banks hatched all those alligator eggs by hiring MIT math-whizz-kids and turning them loose without explaining the simplest thing about the stock market to them. One of the errors in their models was that they did not take bank holidays into account when calculating the time value of stocks and option prices.
Inside markets, innovation, and risk Why do markets keep crashing and why are financial crises greater than ever before? As the risk manager to some of the leading firms on Wall Street-from Morgan Stanley to Salomon and Citigroup-and a member of some of the world's largest hedge funds, from Moore Capital to Ziff Brothers and FrontPoint Partners, Rick Bookstaber has seen the ghost inside the machine and vividly shows us a world that is even riskier than we think. The very things done to make markets safer, have, in fact, created a world that is far more dangerous. From the…
When understanding the interactions in our economy, it is critical to recognize all participants in this complex system. I’m passionate about microeconomics because it provides me with a different perspective to examine the world around me. I use my microeconomic glasses and I enjoy rationalizing the daily interactions and predicting the potential outcomes.
This is a widely used book in introduction to microeconomics courses in colleges around the world, from the Nobel Prize winner Paul Krugman.
The book assumes no algebra or calculus, other than elementary arithmetic, thus being appropriate for students from different backgrounds.
Each chapter is well motivated with real-life problems and data, followed by a basic, intuitive, explanation of how microeconomics helps us model and understand the tradeoff that individuals or firms face in that setting.
Highly recommended for students with little math background.
When it comes to explaining current economic conditions, there is no economist readers trust more than New York Times columnist and Nobel laureate Paul Krugman. Term after term, Krugman is earning that same level of trust in the classroom, with more and more instructors introducing students to the fundamental principles of economics via Krugman’s signature storytelling style. The new Third Edition of Paul Krugman and Robin Wells’s Economics is their most accomplished yet—extensively updated to offer new examples and stories, new case studies from the business world, and expert coverage of the ongoing financial crisis. Watch a video interview of…
I am the Eldon R. Lindsey Chair of Free Enterprise and Professor of Economics and Finance at Shenandoah University in Winchester, Virginia. Most of my writing is academic, including in the Independent Review, Journal of Markets and Morality, and Presidential Studies Quarterly recently. Before pursuing my doctoral degree, I served in the U.S. Army and worked for an insurance company.
Maddison weaves varied measures into a history of GDP, population, and perforce GDP per capita of the world and its regions and of countries as the data allow, going back to ‘year 0’ (the year that’s not between 1 BC and 1 AD).
His effort is continued by the Maddison Project.
Careful measurement could be said to differentiate the scientific from the discursive disciplines.
The World Economy brings together two reference works by Angus Maddison: The World Economy: A Millennial Perspective, first published in 2001 and The World Economy: Historical Statistics, published in 2003. This new edition contains Statlinks, a service providing access to the underlying data in Excel® format. These two volumes bring together estimates of world GDP for the past 2000 years and provide a unique perspective on the rise and fall of economies historically.
"One controversial clash of theories fueled by Maddison's data concerns the relative status of (growth in) the West versus the rest. The figures (in this book) are…
I’m Darius Foroux (pronounced Dare-eus For-oe), and thanks for exploring my recommendations. As a former mutual funds advisor, I understand the complexity of finance, a lesson driven home when I lost two-thirds of my investment in 2007. Not wanting to repeat my costly mistakes, I earned degrees in business and finance, launched a business, and continuously educated myself on investing. The biggest thing I learned? Investing and wealth-building aren’t logical but emotional. I'm passionate about helping others achieve financial independence and live on their terms. My book empowers you to manage your emotions, build wealth, and enjoy life, regardless of the stock market's ups and downs.
This book taught me a great deal about how managing risk differed between modern and past times. This helped me to spot whether a “prediction” is likely to happen. (In investing, plenty of “experts” often like to predict a crash, a bull market, or a bubble).
Humanity used to rely on oracles and soothsayers to have a clearer vision of what the future would bring. Questions like: What jobs would be in demand in X years? What kind of risks should we prepare for in our lives and careers? Which companies would grow or go bust? With the right mindset and risk management tools, I’ve learned to answer these questions better.
A Business Week, New York Times Business, and USA Today Bestseller "Ambitious and readable ...an engaging introduction to the oddsmakers, whom Bernstein regards as true humanists helping to release mankind from the choke holds of superstition and fatalism." -The New York Times "An extraordinarily entertaining and informative book." -The Wall Street Journal "A lively panoramic book ...Against the Gods sets up an ambitious premise and then delivers on it." -Business Week "Deserves to be, and surely will be, widely read." -The Economist "[A] challenging book, one that may change forever the way people think about the world." -Worth "No one…
I’m a Swiss researcher and university professor who applies mathematics and psychology to build quantitative models for financial decision-making. Most of my scientific contributions belong to a field of research called behavioral finance, that is, the study of how psychology affects financial decisions. I love mathematics, and I am fascinated by its ability to describe complex mechanisms, including those that generate human behavior.
From this book, I learned that cognitive errors and human misbehaviours are not necessarily in contradiction to rationality.
It taught me that the generally negative perspective on psychological mechanisms provided by behavioural economics is limited. By contrast, a deeper understanding of what rationality means is needed. This book enriched my own way of analyzing how psychological factors impact daily decisions.
For a long time, economists have assumed that we were cold, self-centred, rational decision makers - so-called Homo economicus; the last few decades have shattered this view. The world we live in and the situations we face are of course rich and complex, revealing puzzling aspects of our behaviour. Optimally Irrational argues that our improved understanding of human behaviour shows that apparent 'biases' are good solutions to practical problems - that many of the 'flaws' identified by behavioural economics are actually adaptive solutions. Page delivers an ambitious overview of the literature in behavioural economics and, through the exposition of these…
My passion is using field experiments to explore economic questions. Since the early 1990s I have generated more than 200 papers published in academic journals using the world as my lab. That’s what we do as academics. The problem is that locked away in these journals is an enormous amount of wisdom and insights that can not only help the realm of academia, but also change the world as we know it. The brilliant authors of these books unlock the ideas and knowledge found in the academic papers that are full of jargon and math, aimed towards a narrow audience, and put them in language aimed towards the masses where real change can be implemented.
Many people are now aware of the power of incentives. However, it is not hard to find examples of times when incentives and signals do not align.
Take an example addressed in this book: organizations highlight teamwork but use individual incentives. Incentives and signals can help you achieve your goals, but you must make sure that incentives are signally what you intend.
My co-author of The Why-Axis and many academic papers, Uri Gneezy, combines learnings from behavioral economics, game theory, psychology, and fieldwork to teach you to do just that. You will learn how to ensure that your incentives send the signal that you want.
An informative and entertaining account of how actions send signals that shape behaviors and how to design better incentives for better results in our life, our work, and our world
Incentives send powerful signals that aim to influence behavior. But often there is a conflict between what we say and what we do in response to these incentives. The result: mixed signals.
Consider the CEO who urges teamwork but designs incentives for individual success, who invites innovation but punishes failure, who emphasizes quality but pays for quantity. Employing real-world scenarios just like this to illustrate this everyday phenomenon, behavioral economist…
I’ve been working in value-based pricing for over 20 years and I’ve seen firsthand how it can transform a company’s profits when done right and executed properly through sales. While the specific strategies and tactics vary across industries, company size, and product offerings, many of the foundations and logic behind those strategies can be learned, and must be understood in order to grow a company’s revenue and profit growth in today’s markets. I’d love to connect about any of these topics – feel free to reach out on LinkedIn!
This book takes a deeper look into the psychology of choices and pricing.
It helps provide more context and understanding around some familiar tactics and what drives buyer’s decisions. While price setting can be a technical activity, leaders need to understand the softer/behavioral skills to sell that price both internally and externally. Both components are important in order to get your pricing right.
Winner, 2022 Leonard L. Berry Marketing Book Award, American Marketing Association
How do leaders, managers, and proprietors go about the essential task of setting prices? What biases enter into this process, and why? How can a business debias its price setting to become more productive, strategic, and profitable?
Combining perceptive insights from behavioral economics with leading-edge ideas on price management, this book offers a new approach to pricing. Gerald Smith demonstrates why understanding, reframing, and refining everyday pricing processes-a firm's or manager's pricing orientation-results in a better long-term pricing strategy. He explores how pricing actually happens in practice and shows…
