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The Resource The physics of Wall Street : a brief history of predicting the unpredictable, James Owen Weatherall

The physics of Wall Street : a brief history of predicting the unpredictable, James Owen Weatherall

Label
The physics of Wall Street : a brief history of predicting the unpredictable
Title
The physics of Wall Street
Title remainder
a brief history of predicting the unpredictable
Statement of responsibility
James Owen Weatherall
Creator
Author
Subject
Genre
Language
eng
Summary
After the economic meltdown of 2008, Warren Buffett famously warned, 'Beware of geeks bearing formulas.' But as James Weatherall demonstrates, not all geeks are created equal. Taking us from fin-de-siᥣle Paris to Rat Pack-era Las Vegas, from wartime government labs to Yippie communes on the Pacific coast, Weatherall shows how a special breed of physicists successfully brought their science to bear on some of the thorniest problems in economics. While the crisis was partly a failure of mathematical modelling, it was even more, a failure of some financial institutions to think like physicists. Models - whether in science or finance - have limitations; they break down under certain conditions. And in 2008, sophisticated models fell into the hands of people who didn't understand their purpose, and didn't care. It was a catastrophic misuse of science. The solution, however, is not to give up on models; it's to make them better. Weatherall reveals the people and ideas on the cusp of a new era in finance. We see a geophysicist predict a massive stock-market crash by using a model designed for earthquakes. We learn about a physicist-run hedge fund that earned 2478.6% over the course of the 1990s. And we discover how an obscure idea from quantum theory might soon be used to create a far more accurate consumer price index
Summary
A Harvard scholar challenges popular beliefs to argue that mathematical models can provide solutions to current economic challenges, citing the pivotal historical contributions of physicists to Wall Street while explaining that the economic meltdown of 2008 was based on a misunderstanding of scientific models rather than on the models themselves
Writing style
http://library.link/vocab/ext/novelist/bookUI
10160766
Cataloging source
DLC
http://library.link/vocab/creatorName
Weatherall, James Owen
Dewey number
530.1
Illustrations
illustrations
Index
index present
Literary form
non fiction
Nature of contents
bibliography
http://library.link/vocab/resourcePreferred
True
http://library.link/vocab/subjectName
  • Mathematical physics
  • Economics
  • Finance
Target audience
adult
http://bibfra.me/vocab/lite/titleRemainder
a brief history of predicting the unpredictable
Label
The physics of Wall Street : a brief history of predicting the unpredictable, James Owen Weatherall
Instantiates
Publication
Copyright
Bibliography note
Includes bibliographical references (pages [250]-268) and index
Carrier category
volume
Content category
still image
Control code
000050481161
Dimensions
21 cm.
Extent
xviii, 286 pages
Isbn
9781921640452
Isbn Type
(paperback)
Other physical details
illustrations
Label
The physics of Wall Street : a brief history of predicting the unpredictable, James Owen Weatherall
Publication
Copyright
Bibliography note
Includes bibliographical references (pages [250]-268) and index
Carrier category
volume
Content category
still image
Control code
000050481161
Dimensions
21 cm.
Extent
xviii, 286 pages
Isbn
9781921640452
Isbn Type
(paperback)
Other physical details
illustrations

Library Locations

    • Lionel Bowen Library and Community CentreBorrow it
      669-673 Anzac Parade, Marouba, NSW, 2035, AU
      -33.938111 151.237977
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