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The Map and the Territory 2.0

The Map and the Territory 2.0

Risk, Human Nature, and the Future of Forecasting

by Alan Greenspan
Paperback
Publication Date: 28/10/2014

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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 we're conscious of it or not, we make wagers on the future virtually every day, one way or another. Very often, however, we're steering by out-of-date maps, when we're not driven by factors entirely beyond our conscious control.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 author's own remarkable career to offer a thrillingly lucid and empirically based grounding in what we can
know about economic forecasting and what we can't.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 Greenspan's 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.
ISBN:
9780143125914
9780143125914
Category:
Economic forecasting
Format:
Paperback
Publication Date:
28-10-2014
Language:
English
Publisher:
Penguin Putnam Inc
Country of origin:
United States
Pages:
432
Dimensions (mm):
213x138x23mm
Weight:
0.39kg
Alan Greenspan

Born in 1926 in New York City, Alan Greenspan worked as a Juilliard-trained professional musician before studying Economics at New York University, where he earned his PhD. From 1974 to 1977, he served as Chair of the Council of Economic Advisers under President Gerald Ford. In 1987, President Ronald Reagan appointed him Chairman of the Federal Reserve Board, a position he held until his retirement in 2006. He is the author of the bestselling The Age of Turbulence and The Map and the Territory 2.0.

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