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The Map and the Territory: Risk, Human Nature, and the Future of Forecastingby Alan Greenspan
Synopses & Reviews
Like all of us, though few so visibly, Alan Greenspan was forced by the financial crisis of 2008 to question some fundamental assumptions about risk management and economic forecasting. No one with any meaningful role in economic decision making in the world saw beforehand the storm for what it was. How had our models so utterly failed us?
To answer this question, Alan Greenspan embarked on a rigorous and far-reaching multiyear examination of how Homo economicus predicts the economic future, and how it can predict it better. Economic risk is a fact of life in every realm, from home to business to government at all levels. Whether were conscious of it or not, we make wagers on the future virtually every day, one way or another. Very often, however, were steering by out-of-date maps, when were not driven by factors entirely beyond our conscious control.
The Map and the Territory is nothing less than an effort to update our forecasting conceptual grid. It integrates the history of economic prediction, the new work of behavioral economists, and the fruits of the authors own remarkable career to offer a thrillingly lucid and empirically based grounding in what we can
know about economic forecasting and what we cant.The book explores how culture is and isn't destiny and probes what we can predict about the world's biggest looming challenges, from debt and the reform of the welfare state to natural disasters in an age of global warming.
No map is the territory, but Greenspans approach, grounded in his trademark rigor, wisdom, and unprecedented context, ensures that this particular map will assist in safe journeys down many different roads, traveled by individuals, businesses, and the state.
A business leader and esteemed economic thinker outlines simple solutions to Americaandrsquo;s five most pressing public policy issues, from healthcare to education to inequality
America today confronts a host of urgent problems, many of them seemingly intractableandmdash;but some we are entirely capable of solving. Inand#160;Five Easy Theses, James M. Stone presents specific, common-sense solutions to a handful of our most pressing challenges, showing how simple it would be to shore up Social Security, rein in an out-of-control financial sector, reduce inequality, and make healthcare and education better and more affordable. The means are right in front of us, Stone explains, in various policy options thatandmdash;if implementedandmdash;could preserve or enhance government revenue while also channeling the national economy toward the greater good.
Accessible and thought-provoking,and#160;Five Easy Thesesand#160;reveals that a more democratic, prosperous America is well within our reach.
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