The myth of the rational market: a history of risk, reward, and delusion on Wall Street

A New York Times Bestseller and Notable Book: “A rich history of the world’s most seductive investing idea.” —Bloomberg A Library Journal Best Business Book of the Year A lively history of ideas, The Myth of the Rational Market by former Time magazine economics columnist Justin Fox describes with insight and wit the rise and fall of the world’s most influential investing idea: the efficient markets theory. Longlisted for the Financial Times Business Book of the Year Award, The Myth of the Rational Market carries readers from the earliest days of Wall Street to the global financial crisis and Great Recession, debunking the long-held myth that the stock market is always right in the process while intelligently exploring the replacement theory of behavioral economics. “A fascinating historical narrative, beginning with economist Irving Fisher’s paean to markets in, alas, 1929.” —Roger Lowenstein, The Washington Post “Brilliantly tells the story of how [the finance industry’s] edifice was built—and why so few were willing to acknowledge that it was a house built on sand.” —Paul Krugman, The New York Times Book Review “His analysis is singularly compelling and the rare business history that reads like a thriller . . . A must-read for anyone interested in the markets, our economy or government.” —Publishers Weekly (starred review) “A valuable and highly readable history of risk and reward.” —Burton Malkiel, The Wall Street Journal