Map and the Territory: Risk, Human Nature, and the Future of Forecasting The

Product Description

Like all of us, though few so visibly, Alan Greenspan was forced by the financial crisis of 2008 to question some fundamental assumptions about economic prediction. How had our models so utterly failed us? In The Map and the Territory, thoroughly updated and expanded, Greenspan seeks to reinvent the very concept of economic forecasting. With his trademark wisdom and nuance, Greenspan devises a brand new economic map, one that integrates the history of economic prediction, the recent work of behavioural economists and the lessons of his own remarkable career into a framework for understanding this previously uncharted territory.

'Must reading for anyone interested in the way our financial markets work - and sometimes fail to do so. A model of clarity.' Burton Malkiel, Wall Street Journal

'Thoughtful, nuanced and open-minded . . . offers much wisdom . . . after reading this book, you'll understand why five American presidents made him one of the great economic policy makers of our time.' N. Gregory Mankiw, The New York Times

'A colossus . . . he comes across as an engagingly humble man, a lesson for the many 'know-it-all' economists who stalk the twittersphere today.' Stephen King, The Times

'Compelling and hugely enlightening . . . This exposition of a lifetime as a practicing economist is full of insights and lessons.' Forbes