Forecast: What Physics, Meteorology and the Natural Sciences Can Teach Us about Economics

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A&C Black, 2013 - Business cycles - 261 pages
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In this thoroughly researched and piercingly intelligent book, physicist Mark Buchanan shows how a simple feedback loop can lead to major consequences, the kind predictable by mathematical models but hard for most people to anticipate. From his unique perspective, Buchanan argues that our basic assumptions about economic markets - that they are for the most part stable, with occasional interruptions - are simply wrong. Markets really act more like weather: a brief heat wave can become a massive storm in a matter of a few days, or even hours. Forecast re-imagines the basics of the financial world, with consequences that affect everyone.
 

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Contents

A Marvelous Machine
24
Notable Exceptions
45
Natural Rhythms
70
Models of
89
Ecologies of Belief
112
Perils of Efficiency
133
Trading at the Speed of Light
156
Acknowledgments
225
Index
247
24
254
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About the author (2013)

Physicist Mark Buchanan is a former editor at Nature and New Scientist, and is the author of numerous magazine and newspaper articles internationally. He currently writes monthly columns for the financial media outlet Bloomberg View, as well as for Nature Physics. He has written two prize-nominated non-fiction books, Ubiquity: The Science of History and Nexus: Small Worlds and the Groundbreaking Science of Networks, and, most recently, The Social Atom. He lives in Dorset, England.http://physicsoffinance.blogspot.co.uk/

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