"Weatherall probes an epochal shift in financial strategizing with
lucidity, explaining how it occurred and what it means for modern
finance."--Peter Galison, author of "Einstein's Clocks, Poincare's
Maps"
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.
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