links for 2008-09-16
As a colleague of McKenzie said to me in Edinburgh last week – "he's our superstar but a bit too shy to do the media interview round". About time I read this book I think. 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.
Henry Paulson said the US was "working through a difficult period in our financial markets right now as we work off some of the past excesses" – that's mildly understating it don't you think?