Part 15 (1/2)
39 As econoraduates in the US take an introductory economics course that teaches that only selfishness is rational” Monaghan, P (2003), ”Taking On 'Rational Man' ,” Chronicle of Higher Education, 49, A12
40 The quality and extent of social networks appears to be in decline in e number of people hom Americans can discuss important matters dropped from about three people in 1985 to about two in 2004 McPherson, Miller, Smith-Lovin, Lynn, and Brashears, Matt (2006), ”Social Isolation in Aes in Core Discussion Networks Over Two Decades,” Aical Review, 71, 353-75
Chapter 10
1 Henriques, Diana B and Berenson, Alex (2009), ”The 17th Floor, Where Wealth Went to Vanish,” New York Times, 14 December 2008; Arvedlund, Erin (2009), ”How Bernard Madoff escaped detection,” Financial Times, 4 September 2009; Frean, Alexandra (2009), ”Madoff started Ponzi scheme to 'cover losses',” Times, 30 October 2009
2 S Board Rival,” Wall Street Journal, 16 December 1992
3 When these issues are mentioned, it is usually in a kind of pretend-ie that presents them as beyond the scope of the book For example, Mankiw's Principles of Econoe ”the possibility of speculative bubbles” but gives the last word to the efficient market hypothesis: ”if the market were irrational, a rational person should be able to take advantage of this fact; yetbeating the e, John (2009), ”I' 'God's work' Meet Mr Goldman Sachs,” Sunday Times, 8 November 2009
5 Farmer, J Doyne and Geanakoplos, John (2009), ”The virtues and vices of equilibrium and the future of financial econoe Cooper notes: ”The intellectual contortions required to rationalize all of these prices beggars belief, but the contortions are perfor the Efficient Market Hypothesis” Cooper, George (2008), The Origin of Financial Crises: Central banks, credit bubbles and the efficient market fallacy (London: Harriman House), p 10 See also: Pastor, L and Veronesi, Pietro (2006), ”Was there a NASDAQ bubble in the late 1990s?” Journal of Financial Economics, 81
7 Daly, Herman (1991), Steady-State Econoton, DC: Island Press), p 9
8 Triana, Pablo (2009), Lecturing Birds on Flying: Can Mathematical Theories Destroy the Financial Markets? (New York: Wiley), p 44 This is ironic, since tenure is supposed to protect academic freedom But in some fields it seems that anyone who doesn't fall in line early in their career won't get tenure
9 Cohen, Patricia (2009), ”Ivory Tower Unswayed by Crashi+ng Economy,” New York Times, 4 March 2009
10 Jay, M and Mare,” British Medical Journal, 339, b3669
11 Hood, Leroy (2008), ”A Personal Journey of Discovery: Developing Technology and Changing Biology,” Annual Review of analytical Che 12 Browne, MN and Quinn, JK (2008), ”The Lamentable Absence of Power in Mainstream Economics,” in John T Harvey and Robert F Garnett (eds), Future Directions for Heterodox Econoan Press), 240-61
13 In 2009, one hedge fundit with ait to float for six o up in the , which relies on price instability, is very different froically-motivated schemes to stabilise the oil price within a particular country Gandel, Stephen (2009), ”How Citi's Andrew Hall Made 100 Million Last Year,” TIME, 19 October 2009
14 Testier, Masters Capital Management, LLC, before the Committee on Homeland Security and Governmental Affairs, United States Senate, 20 May 2008
15 Turner, Adair (2009), speech by Adair Turner, chairman, FSA, the City Banquet, the Mansion House, London, 22 Septees/Library/Communication/Speeches/2009/0922_atshtml 16 Treanor, Jill and Inman, Phillip (2009), ”Banks defend bonus culture as profits juust 2009
17 See interview at: oed-Thoovernment plan to publish bonuses,” Sunday Times, 25 October 2009 Another coe on privacy, but the plan was to release them anonymously