The Physics of Wall Street : A Brief History of Predicting the Unpredictable Paperback - 2014 - 1st Edition
by James Owen Weatherall
- Used
- Good
- Paperback
A young scholar tells the story of the physicists and mathematicians who created the models that have become the basis of modern finance and argues that these models are the solution to—not the source of—our current economic woes.
Description
Details
- Title The Physics of Wall Street : A Brief History of Predicting the Unpredictable
- Author James Owen Weatherall
- Binding Paperback
- Edition number 1st
- Edition 1
- Condition Used - Good
- Pages 304
- Volumes 1
- Language ENG
- Publisher Houghton Mifflin Harcourt Publishing Company, New York, New York
- Date 2014
- Features Bibliography, Index, Maps
- Bookseller's Inventory # G0544112431I3N00
- ISBN 9780544112438 / 0544112431
- Weight 0.5 lbs (0.23 kg)
- Dimensions 8 x 5.2 x 1 in (20.32 x 13.21 x 2.54 cm)
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Themes
- Aspects (Academic): Economic
- Library of Congress subjects United States, Securities
- Dewey Decimal Code 332.632
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Summary
In The Physics of Wall Street, physicist James Weatherall answers both these questions. He tells the story of how physicists first moved to finance, bringing science to bear on some of the thorniest problems in economics, from bubbles to options pricing. But models have limitations and can break down in the hands of those who either don’t understand their purpose or don’t care, which is exactly what happened on Wall Street. However, Weatherall argues that the solution is not to give up on the models, but to make them better.
From the rear cover
After the economic meltdown of 2008, many pundits placed the blame on complex financial instruments and the physicists and mathematicians who dreamed them up. But how is it that physicists came to drive Wall Street? And were their ideas really the cause of the collapse?
In The Physics of Wall Street, the physicist James Weatherall answers both of these questions. He tells the story of how physicists first moved to finance, bringing science to bear on some of the thorniest problems in economics, from bubbles to options pricing. The problem isn t simply that economic models have limitations and can break down under certain conditions, but that at the time of the meltdown those models were in the hands of people who either didn t understand their purpose or didn t care. It was a catastrophic misuse of science. However, Weatherall argues that the solution is not to give up on the models but to make them better. Both persuasive and accessible, The Physics of Wall Street is riveting history that will change how we think about our economic future.
An excellent new book. Financial Times
[AU PHOTO] JAMES OWEN WEATHERALL is a physicist, philosopher, and mathematician. He holds graduate degrees from Harvard, the Stevens Institute of Technology, and the University of California, Irvine, where he is presently an assistant professor of logic and philosophy of science. He has written for Slate and Scientific American. He lives in Irvine, California.
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