The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction 9780691169019, 0691169012, 8616460799

345 119 3MB

English Pages 237 Year 2017

The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction
9780691169019, 0691169012, 8616460799

Author / Uploaded
Richard Bookstaber

Table of contents :
Content: I: Introduction 1 1 Crises and Sunspots 3 2 Being Human 14 II: The Four Horsemen 23 3 Social Interactions and Computational Irreducibility 25 4 The Individual and the Human Wave: Emergent Phenomena 34 5 Context and Ergodicity 40 6 Human Experience and Radical Uncertainty 50 7 Heuristics: How to Act Like a Human 65 III: Paradigm Past And Future 79 8 Economics in Crisis 81 9 Agent-Based Models 94 10 Agents in the Complexity Spectrum 108 IV: Agent-Based Models For Financial Crises 125 11 The Structure of the Financial System: Agents and the Environment 127 12 Liquidity and Crashes 144 13 The 2008 Crisis with an Agent-Based View 157 V: The End Of Theory 169 14 Is It a Number or a Story? Model as Narrative 171 15 Conclusion 185 Acknowledgments 191 Notes 193 References 211 Index 221

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