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An Engine, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie

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Item specifics

Condition
Brand New: A new, unread, unused book in perfect condition with no missing or damaged pages. See the ...
Publication Date
2008-09-01
Pages
392
ISBN
9780262633673
Book Title
Engine, Not a Camera : How Financial Models Shape Markets
Item Length
9in
Publisher
MIT Press
Publication Year
2008
Format
Trade Paperback
Language
English
Item Height
0.9in
Author
Donald Mackenzie
Genre
Technology & Engineering, Business & Economics
Topic
Investments & Securities / Derivatives, Economic History, Social Aspects, Finance / General
Item Width
6in
Item Weight
18.5 Oz
Number of Pages
392 Pages

About this product

Product Information

In An Engine, Not a Camera , Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways. These new, Nobel Prize-winning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes. Paraphrasing Milton Friedman, MacKenzie says that economic models are an engine of inquiry rather than a camera to reproduce empirical facts. More than that, the emergence of an authoritative theory of financial markets altered those markets fundamentally. For example, in 1970, there was almost no trading in financial derivatives such as "futures." By June of 2004, derivatives contracts totaling $273 trillion were outstanding worldwide. MacKenzie suggests that this growth could never have happened without the development of theories that gave derivatives legitimacy and explained their complexities. MacKenzie examines the role played by finance theory in the two most serious crises to hit the world's financial markets in recent years- the stock market crash of 1987 and the market turmoil that engulfed the hedge fund Long-Term Capital Management in 1998. He also looks at finance theory that is somewhat beyond the mainstream-chaos theorist Benoit Mandelbrot's model of "wild" randomness. MacKenzie's pioneering work in the social studies of finance will interest anyone who wants to understand how America's financial markets have grown into their current form.

Product Identifiers

Publisher
MIT Press
ISBN-10
0262633671
ISBN-13
9780262633673
eBay Product ID (ePID)
66012182

Product Key Features

Book Title
Engine, Not a Camera : How Financial Models Shape Markets
Author
Donald Mackenzie
Format
Trade Paperback
Language
English
Topic
Investments & Securities / Derivatives, Economic History, Social Aspects, Finance / General
Publication Year
2008
Genre
Technology & Engineering, Business & Economics
Number of Pages
392 Pages

Dimensions

Item Length
9in
Item Height
0.9in
Item Width
6in
Item Weight
18.5 Oz

Additional Product Features

Lc Classification Number
Hg4523.M24 2008
Grade from
College Graduate Student
Reviews
"An Engine, Not a Camera provides an insightful appreciation of the ways in whichfinancial models influence and shape the world they seek to understand." Anthony Hopwood TimesHigher Education Supplement, "An Engine, Not a Cameraprovides an insightful appreciation of the ways in which financial models influence and shape the world they seek to understand." - Anthony Hopwood, Times Higher Education Supplement, An Engine, Not a Camera provides an insightful appreciation of the ways in which financial models influence and shape the world they seek to understand.-- Anthony Hopwood , Times Higher Education Supplement -- A brilliant, extremely lucid account of the connections between financial economics and the development of futures, options, and derivatives markets between the 1950s and 2001. -- Neil Fligstein , American Journal of Sociology --, "A brilliant, extremely lucid account of the connections between financial economics and the development of futures, options, and derivatives markets between the 1950s and 2001." Neil Fligstein American Journal of Sociology, A brilliant, extremely lucid account of the connections between financial economics and the development of futures, options, and derivatives markets between the 1950s and 2001., "An Engine, Not a Camera provides an insightful appreciation of the ways in which financial models influence and shape the world they seek to understand." Anthony Hopwood Times Higher Education Supplement, "A brilliant, extremely lucid account of the connections between financial economicsand the development of futures, options, and derivatives markets between the 1950s and 2001." NeilFligstein American Journal of Sociology, An Engine, Not a Camera provides an insightful appreciation of the ways in which financial models influence and shape the world they seek to understand.
Copyright Date
2006
Dewey Decimal
332.015195
Intended Audience
Trade
Series
Inside Technology Ser.
Dewey Edition
22
Illustrated
Yes

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