An Engine, Not a Camera: How Financial Models Shape Markets
by MacKenzie, Donald
- Used
- good
- Paperback
- Condition
- Good
- ISBN 10
- 0262633671
- ISBN 13
- 9780262633673
- Seller
-
Carrollton, Georgia, United States
Payment Methods Accepted
About This Item
Cambridge: The MIT Press, 2006. Paperback. 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 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.(Publisher).
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 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.(Publisher).
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Details
- Bookseller
- Underground Books, ABAA (US)
- Bookseller's Inventory #
- 14813
- Title
- An Engine, Not a Camera: How Financial Models Shape Markets
- Author
- MacKenzie, Donald
- Format/Binding
- Paperback
- Book Condition
- Used - Good
- Quantity Available
- 1
- ISBN 10
- 0262633671
- ISBN 13
- 9780262633673
- Publisher
- The MIT Press
- Place of Publication
- Cambridge
- Date Published
- 2006
Terms of Sale
Underground Books, ABAA
30 day return guarantee, with full refund including shipping costs for up to 30 days after delivery if an item arrives misdescribed or damaged.
About the Seller
Underground Books, ABAA
Biblio member since 2009
Carrollton, Georgia
About Underground Books, ABAA
Underground Books is an online rare and antiquarian bookshop as well as a brick and mortar general bookstore of the same name in downtown Carrollton, Georgia. Sister store Hills & Hamlets Bookshop is located in the nearby planned eco-community of Serenbe.
Co-owners Josh Niesse and Megan Bell met in 2011, just 10 days or so after Josh opened the doors of Underground Books, literally underground, several steps below street level in a 100-year-old basement in our historic downtown. Megan, an English student at the University of West Georgia, walked in, fell down the rabbit hole, and never left! Reader, we married in May of 2014, under the book arch that now resides at the bookshop. We are both proud alumni of the Colorado Antiquarian Book Seminar (CABS), and Megan additionally of Rare Book School at the University of Virginia and of the ABAA Women's Initiative Mentorship Program.
We have two open bookshops that carry new, used, bargain, rare, and antiquarian books, as well as our online office, impossible without our incredible team of booksellers, including two fellow CABS graduates, Miranda McMillan and Suzanne Carnes.
Like many booksellers with open brick-and-mortar stores, we are passionate generalists, but our specialties are in decorative publisher's cloth bindings; fairy tales, folklore, and mythology; popular science and natural history; the occult; and fine press books.
Co-owners Josh Niesse and Megan Bell met in 2011, just 10 days or so after Josh opened the doors of Underground Books, literally underground, several steps below street level in a 100-year-old basement in our historic downtown. Megan, an English student at the University of West Georgia, walked in, fell down the rabbit hole, and never left! Reader, we married in May of 2014, under the book arch that now resides at the bookshop. We are both proud alumni of the Colorado Antiquarian Book Seminar (CABS), and Megan additionally of Rare Book School at the University of Virginia and of the ABAA Women's Initiative Mentorship Program.
We have two open bookshops that carry new, used, bargain, rare, and antiquarian books, as well as our online office, impossible without our incredible team of booksellers, including two fellow CABS graduates, Miranda McMillan and Suzanne Carnes.
Like many booksellers with open brick-and-mortar stores, we are passionate generalists, but our specialties are in decorative publisher's cloth bindings; fairy tales, folklore, and mythology; popular science and natural history; the occult; and fine press books.
Glossary
Some terminology that may be used in this description includes:
- New
- A new book is a book previously not circulated to a buyer. Although a new book is typically free of any faults or defects, "new"...
- Bumps
- Indicates that the affected part of the book has been impacted in such a way so as to cause a flattening, indention, or light...
- Text Block
- Most simply the inside pages of a book. More precisely, the block of paper formed by the cut and stacked pages of a book....
- Edges
- The collective of the top, fore and bottom edges of the text block of the book, being that part of the edges of the pages of a...
- Remainder Mark
- Usually an ink marking of some sort which indicates that the book was designated a remainder. In most cases, it can be found on...
- Rubbing
- Abrasion or wear to the surface. Usually used in reference to a book's boards or dust-jacket.
- Shelf Wear
- Shelf wear (shelfwear) describes damage caused over time to a book by placing and removing a book from a shelf. This damage is...