Post-crisis reading – Our reviews of the best books on the financial crisis and its aftermath
In a similar vein, ?The Myth of the Rational Market?, by Justin Fox, argues that the whole crisis was the result of an idea that failed: that markets are rational and efficient. Mr Fox provides a fascinating and entertaining history of how this powerful idea, the efficient-markets hypothesis, inspired a wave of innovative financial products, such as derivatives and securitised subprime mortgages, that believers claimed would let their users exploit the wonders of the market. Then it turned out that the market was not rational after all and trillions of dollars were wiped out. Mr Fox talks about his book in this video interview.
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