Map and Territory: Risk, Human Nature, and Foresight Issues

Map and Territory: Risk, Human Nature, and Foresight Issues

Author: Greenspan Alan
Original title: The Map and the Territory: Risk, Human Nature and the Future of Forecasting

Publisher: Alpina Publisher, 2015.

ISBN 978-5-9614-4699-9
Pages: 412 pp.
Format: 70×100/16 (170x240 mm)
Weight: 830 g
Circulation: 2,000 copies.
Binding: hardcover

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A book about mistakes and the financial crisis

The financial crisis demonstrated, among other things, the failure of economic forecasting. I undertook the post-crisis research that led to this book, because I wanted to understand what our mistake was and what lessons we should learn from what we had done. It is essentially a book about foresight, about human nature, about our ideas about the future and what we should do about it all. It is about the short term and the long term and, perhaps more importantly, about that foggy moment when one passes into the other.

Alan Greenspan is an American economist. Chairman of the Board of Governors of the U.S. Federal Reserve System from 1987 to 2006.

About the book "Map and Territory: Risk, Human Nature, and the Problems of Foresight

The title of the book has a profound meaning, best conveyed by the well-known proverb: "Smooth on paper, but forgot about the ravines. The book by Alan Greenspan, who served 18.5 years as head of the U.S. Federal Reserve System, is interesting primarily because it analyzes the reasons why the existing economic models were unable to predict crises, in particular the crisis of 2008.

From the author's point of view, the point is that these models do not take into account the behavioral aspects of economics and finance that play a large role in the modern world. He offers his approaches to evaluating these aspects - people's instinctive propensities - and incorporating them into the models. The author supports his reasoning and conclusions with the results of research on an extensive body of evidence.

The book became a bestseller in many countries, it is well known to financiers and economists around the world. In Russian Greenspan's fundamental work is published for the first time. The special value of the book is given by the fact that this is the latest edition of this year (the last changes, updating the information of 2013, were made by the author in the text only a month ago).

In this book you will learn

  • on the causes of global crises and the weaknesses of today's best economic models;
  • about the secret mechanisms of macroeconomics;
  • about what techniques and tools can achieve economic stability and financial growth.

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Комментарии ( 14 )

  1. One of the biggest banks in Canada in 2008 (Lemon Brothers) killed itself in a couple of weeks, so analytics and forecasting is the guarantor of money viability.

  2. Economic forecasting will be successful only when based on an accurate assessment of the geopolitical situation and those political processes that will affect the economy. An example is the lifting of sanctions on Iran, which opened the door to the world oil market, the price of which went down. The author of the book offers us his vision of the problem and describes the tools and ways to reduce risks in economic forecasting.

  3. In my opinion, in the modern economic system it is very difficult to predict anything, because one cannot ignore the political factor, the hidden interests of individual subjects, the factor of collusion... One can only identify certain regularities and try to analyze them.

  4. We should read this economist guru, who was at the helm of the dollar printing press at the peak of the popularity of this currency in the world. I wonder who he will be pointing the finger at instead of confessing to the greed of his banker friends from the WALL-STREET during the 2008 crisis.

  5. Alan Greenspan, for many years ran the Federal Reserve, the world's main money center. The thoughts and experience of such people will always be in demand. The book will be useful for broadening the general outlook.

  6. It's a must-read. No matter how they systematize the causes and course of crises, things still happen differently the next time. I love this kind of literature at the intersection of economics and philosophy.

  7. I hope that by studying this book and learning the weaknesses of modern economics, financiers and politicians can learn how to prevent economic crises or minimize their consequences. It is interesting that Alan Greenspan paid attention to people's instinctive tendencies, I never thought that this factor has a great impact on the economy.

  8. I think everyone should read about the financial market. I don't have much experience in forex, but even that I use in other areas of my life.

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