By Joseph L. McCauley
I purchased it, learn it, and don't suggest it. it's very "amateur" in that the booklet turns out to completely misunderstand nearly each subject it units out to assault. along with, it presents essentially not anything new or insigtful. the cost is much too excessive for any such skinny smooth hardcover publication.
Sigh... in addition to a few seen mistakes , many of the derivations (MM, BS, Supply-Demand,...) are both wrong or superficial or naiive. No actual perception is supplied; conceptually tousled; the identify is enormous yet has little to do with the content material; a few discussions are reasonable yet a few are only laughably ignorant; total --- a little disappointing. i wouldn't provide a 1-star ranking if the associated fee have been lower than $10 as so much little paperback books are.
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Additional info for Dynamics of Markets: Econophysics and Finance
Sample text
Deterministic dynamics is smooth at the smallest time scales, equivalent via a local coordinate transformation to constant velocity motion, over short time intervals. Random processes, in contrast, have nondeterministic jumps at even the shortest time scales, as in the stock market over one tick (where t ≈ 1 s). Hence, in this text we concern ourselves with the methods of the theory of stochastic processes, but treat here only the ideal case of continuous time processes because the discrete case is much harder to handle analytically.
Even if global solutions exist they may be noncomputable in a way that prevents their implementation in practice. These limitations on solving ideal problems in mathematics lead us to doubt that the idea of a universal solution for all 30 Neo-classical economic theory socio-economic problems, taken for granted in neo-classical theory and represented in practice by globalization via deregulation and external ownership, can be good advice. Some diversity of markets would seem to provide better insurance against large-scale financial disaster than does the uniformity of present-day globalization, just as genetic diversity in a population provides more insurance against a disastrous disease than does a monoculture.
Information theory is based on the entropy of all possible strings that one can make from a given number of symbols, that number being 4! = 24 in this example, but “information” in standard economics and finance theory does not make use of entropy. ) where it is typically relatively hard to match buyers to sellers. Were it easy to match buyers to sellers, then advertising and inventory would be largely superfluous. Seen from this standpoint, one might conclude that advertising may distort markets instead of making them more efficient.