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• Title: Geoffrey Poitras (Ed.). Pioneers of Financial Economics. Volume 1. Contributions Prior to Irving Fisher (Book Review)
• Author : History of Economics Review
• Release Date : January 01, 2008
• Genre: Economics,Books,Business & Personal Finance,
• Pages : * pages
• Size : 262 KB

Description

Geoffrey Poitras (ed.). Pioneers of Financial Economics. Volume 1. Contributions Prior to Irving Fisher. Cheltenham, UK: Edward Elgar. 2006. Pp. 288. ISBN 978 1 84542 381 0. 75 [pounds sterling] (hb). It is now part of the folklore of the history of financial economics that year zero for modern finance theory is 1900, when the mathematician Louis Bachelier submitted and defended his doctoral thesis on the nature of speculation and, more specifically, a theory of random events in continuous rime within financial markets. This is a suitably dramatic date to mark the start of what is now called New Finance, as Bachelier was so far ahead of his rime that he was overlooked for half a century until, in the 1950s and 1960s, the main contributors to New Finance hailed him as the creator of their sub-discipline. It was discovered that Bachelier had captured Brownian motion five years before Albert Einstein and modelled the apparently ineffable nature of fluctuating asset prices before he was thirty, only to be misunderstood, shabbily treated and dismissed to a provincial university. Benoit Mandelbrot (the father of fractal geometry), who wrote the New Palgrave entry on Bachelier, went so far as to argue that financial economics 'has its Gregor Mendel in Louis Bachelier' (1989). The goal of the authors in the book of essays edited by Geoffrey Poitras is, however, to place a cool douche on this received view by constructing a pre-history of the economics of finance. They are effectively performing the task that the first historians of economics proper performed--from the plagiarist John Kells Ingram to the much underestimated New Zealander Ronald E. Meek--when they traced the precursors to Adam Smith. They argue that just as economics did not spring to life fully formed with the publication of The Wealth of Nations in 1776, modern finance theory did not appear ready-made with the submission of Bachelier's doctoral thesis in 1900. Before Bachelier, before Harry Markowitz and William Sharpe, before Franco Modigliani and Merton Miller, and before Fischer Black and Myron Scholes, there were many pioneers, some of whom, I am ready to confess, were unknown to me before reading this publication.

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