Sean Carroll's Mindscape: Science, Society, Philosophy, Culture, Arts, and Ideas
293 | Doyne Farmer on Chaos, Crashes, and Economic Complexity
Doyne Farmer
You know, mortgage-backed securities are only one of several examples of new financial instruments that caused bad stuff to happen in markets. And so under that theory, you can then simulate what's going on in markets and understand why markets malfunction. The efficient market theory assumes they work perfectly, so it doesn't give you any insight into why they malfunction.
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