The economics of the stock market

Thursday 13 January 2022 | 17:00 - 18:00 | Webinar

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.


Registration: 16:55

Event: 17:00 - 18:00

CPD Points: 1.00


Andrew Smithers, Author

Andrew Smithers founded Smithers & Co in 1989. Before that he ran S G Warburg's successful asset management business for many years (now part of BlackRock).

A regular financial commentator and columnist, and author of many academic publications, he co-authored Valuing Wall Street with Stephen Wright (published March 2000). He wrote Wall Street Revalued: Imperfect Markets and Inept Central Bankers (published July 2009), and is also the author of Chapter 6, Can We Identify Bubbles and Stabilize the System? in The Future of Finance, published by the LSE in September, 2010.

Although retired, Andrew continues to give his usual intellectual rigour to challenging current economic policies.

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