An Engine, Not a Camera: How Financial Models Shape Markets (Inside Technology Series)
Donald Mackenzie
ISBN 10: 0262633671 ISBN 13: 9780262633673
Published by The MIT Press, 2008
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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.
About the Author: Donald MacKenzie is Professor of Sociology (Personal Chair) at the University of Edinburgh. His books include Inventing Accuracy (1990), Knowing Machines (1996), and Mechanizing Proof (2001), all published by the MIT Press. Portions of An Engine, not a Camera won the Viviana A. Zelizer Prize in economic sociology from the American Sociological Association.
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Title: An Engine, Not a Camera: How Financial ...
Publisher: The MIT Press
Publication Date: 2008
Binding: Paperback
Condition: Very Good
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An Engine, Not a Camera: How Financial Models Shape Markets
Published by
The MIT Press, Cambridge, 2006
ISBN 10: 0262633671
ISBN 13: 9780262633673
Used
Paperback
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Paperback. Condition: Good. Paperback. 9" X 6". x, 377pp. Mild rubbing, bumps, and shelf wear to covers, corners, and edges of paper wraps. Remnants of removed sticker to rear cover. Remainder mark to bottom edge of text block. Pages are clean and unmarked. Binding is sound. ABOUT THIS BOOK: 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 mainstreamâ"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.(Publisher). Seller Inventory # 14813
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