The economics of the stock market

We face the high risk of another financial crisis, because of poor economic policy. Its cause is defective theory, whose reform requires revolutionary change not just tinkering. It is unscientific being based on assumptions which are either untestable or demonstrably wrong when tested and it fails to include finance. 

The Economics of the Stock Market is both a textbook on how the stock market works and offers a new approach to economic theory. In this session Andrew Smithers will demonstrate that the stock market has a central role in determining business behaviour. It is therefore radically different from the neoclassical consensus, in which the stock market plays no role.

The book's revolutionary approach is underlined in Andy Haldane’s foreword, which claims that it provides “just the sort of revisionist thinking” that economics, investment management and policymaking communities need.

Where recordings are made, these are a member benefit that are accessed through the member-only platform, CFA UK Discover.