The new paradigm for financial markets

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…on effects (i.e. the way a stimulus event will cause the system to respect to the same stimulus event differently in the future) is _The Crash of 2008 and What it Means: The New Paradigm for Financial Markets_ (Soros, 2009). It's not really about the 2008 crash, that's just a cute veneer he's put on it to sell more copies of a book that's really a book about philosophy with a very economic bent. For a stronger Keynsean defence, read Read _Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism_ (Akerlof/Schiller, 2009) for a purist criticism of recent politics and defence of the Bush/Obama stimulus. Though I disagree with the core, the breakdown of 'animal spirits' is useful in its own right, and surely a better lens for viewing what goes in in an economy than 'efficient markets'. Something that's…