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A Call for Judgment: Sensible Finance for a Dynamic Economy
by Amar Bhide
Our prosperity requires the enterprise of innumerable individuals and businesses who exercise their imagination and judgment-and bear responsibility for outcomes. And widespread enterprise is fostered through dialogue and relationships, not merely prices in anonymous markets. Yet modern finance blatantly neglects these necessary elements for enterprise. In the last several ...more
Hardcover, 368 pages
Published November 15th 2010 by Oxford University Press
(first published September 9th 2010)
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I had high hopes for this book, which were only partially ratified. The kernel of Bhide's argument is interesting and, to me, quite compelling. Essentially, he argues against the mathematical/quantitative/"arm's length" trend in finance from a Hayekian perspective. A simple sketch of the argument is something like: growth in the real economy is characterized by novelty, which by its nature is impossible to capture using quantitative models. Good allocation of capital, just like good entrepreneur ...more
Will be an interesting read, especially as it covers the history and development of modern capitalism and finance. Got about 50-60 pgs in when some other books started calling. Given that I had just finished reading Bhide's extended treatise on why statistics should not be trusted (and I am a statistics teacher) I feel like the momentum I took into reading the book slowed down a bit too much. I think the insights I was looking for are probably buried further down in the book than I have time to ...more