Word: rationale
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The push to professionalize art in India is also shaking up the old guard. Pramod Kumar, associate director of the private collection of Ibrahim Alkazi, says the biggest change is a new effort to catalog old collections that have been gathering dust or simply deteriorating for years. Without rigorous record...
This is a double issue, and there's much more in addition to our health coverage. Shanghai correspondent Bill Powell takes you into the disturbing logic of Kim Jong Il and why the possible succession of his young son is shaping North Korean politics. London bureau chief Catherine Mayer dissects...
More to the point, Fisher was the country's first great economist, a pioneer of the mathematical approach that came to dominate the discipline after his death. Fisher saw the behavior of the market in rational, mathematical terms. He wasn't completely doctrinaire about this--earlier in his career, he...
In the 1990s and 2000s, in fact, this myth of the rational market was embraced with a fervor that even Irving Fisher never mustered. Financial markets knew best, the thinking went. They spread risk. They gathered and dispersed information. They regulated global economic affairs with a swiftness and decisiveness that...
Fisher fell on hard times after the 1929 crash--getting by thanks only to the generosity of a wealthy sister-in-law and his employer, Yale--and so did the myth of the rational market. For a few decades, financial markets were seen as unruly beasts that had to be...