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Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives

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Satyajit Das

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“Having been forced into being the only game in town, they (Central banks) now find that their destiny is no longer entirely or even mostly theirs to control. The legacy of their exceptional period of hyper policy experimentation is now in the hands of governments and their political bosses (p. 265).”

Central BanksFinancial MarketsWorld Economy
Book:The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse
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“People do not necessarily know what they are doing, because our ability to comprehend even matters that concern us directly is limited – or, in the jargon, we have ‘bounded rationality’. The world is very complex and our ability to deal with it is severely limited. Therefore, we need to, and usually do, deliberately restrict our freedom of choice in order to reduce the complexity of problems we have to face. Often, government regulation works, especially in complex areas like the modern financial market, not because the government has superior knowledge but because it restricts choices and thus the complexity of the problems at hand, thereby reducing the possibility that things may go wrong.”

GovernmentFinancial MarketsMacroeconomics
Author:Chang Ha-Joon
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