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Money and Wealth

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Your favorite book on Money and Wealth?

Apr 04, 2014 1:23 pm

re: re: Your favorite book on Money and Wealth?

Adrian Scott

I think the most important thing is about developing models based on realistic assumptions, whereas many academics have built models based on what assumptions they needed to make to be able to use certain mathematical tools, i.e. to make the math easy. So they make assumptions that humans are rational in economic decisions, when they demonstrably aren't, and that there is perfect information, etc., when such assumptions dramatically change the results one can infer.

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