By Peter L. Bernstein
A company Week, long island instances company, and united states this day Bestseller
"Ambitious and readable . . . an enticing advent to the oddsmakers, whom Bernstein regards as real humanists supporting to unencumber mankind from the choke holds of superstition and fatalism." -The manhattan Times
"An terribly exciting and informative book." -The Wall road Journal
"A energetic panoramic ebook . . . opposed to the Gods units up an formidable premise after which grants on it." -Business Week
"Deserves to be, and absolutely should be, greatly read." -The Economist
"[A] demanding e-book, one who might swap without end the best way humans take into consideration the world." -Worth
"No one else may have written a booklet of such primary value with loads attraction and excitement." -Robert Heilbroner writer, The Worldly Philosophers
"With his superb wisdom of the heritage and present manifestations of chance, Peter Bernstein brings us opposed to the Gods. not anything love it will pop out of the monetary global this 12 months or ever. I communicate rigorously: not anyone may still pass over it." -John Kenneth Galbraith Professor of Economics Emeritus, Harvard University
during this detailed exploration of the position of chance in our society, Peter Bernstein argues that the idea of bringing hazard lower than regulate is without doubt one of the important principles that distinguishes sleek occasions from the far-off prior. opposed to the Gods chronicles the extraordinary highbrow event that liberated humanity from oracles and soothsayers by way of the strong instruments of hazard administration which are on hand to us today.
"An tremendous readable historical past of risk." -Barron's
"Fascinating . . . this difficult quantity can assist you recognize the uncertainties that each investor needs to face." -Money
"A singular achievement." -Times Literary Supplement
"There's a turning out to be marketplace for savants who can render the recondite intelligibly-witness Stephen Jay Gould (natural history), Oliver Sacks (disease), Richard Dawkins (heredity), James Gleick (physics), Paul Krugman (economics)-and Bernstein might mingle good of their company." -The Australian
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Extra info for Against the gods
13 Systemic causes of the current crisis: A summary At the risk of repeating some of the points raised in my article “Agenda for a New Economic Reform” ten years ago, the following seem to be some of the principal systemic causes of the current crisis: (1) Growing imbalance between private and public interests. (2) The dichotomy between the prevailing monetary nationalism and a global financial system. (3) The abdication of central banks and monetary authorities of their responsibility for external balance and for international monetary stability.
The concept of “economic nationalism” has more or less disappeared from the academic or official debate, while its reality became part of the dominant orthodoxy. )27 One of the principal objectives of a “rule-based” and “commoditybased” international monetary order is to provide a framework that will help adopt balanced domestic monetary and fiscal policies and avoid excessive swings in the financial markets. These external constraints are aimed at making “discipline” more politically acceptable.
Thus, all actions, all decisions involve a more or less important task of explicit or implicit forecasting. To help make those decisions, to prepare and choose the best forecasts, “decision makers” have essentially two sources: a more or less complete, structured knowledge and information of the past, and individual or collective judgment and common sense. It is in the field of economics and finance that the broadest range of quantitative and qualitative forecasting tools has been developed. These tools require detailed and reliable (and primarily statistical) information of the past, a solid knowledge of the system covered by the models, and Otto Hieronymi 31 state-of-the-art skills in statistical analysis and model building.
Against the gods by Peter L. Bernstein