This is one of the biggest debates in economics and the value or futility of investment management and financial regulation hang on the outcome. In this groundbreaking book, Andrew Lo cuts through this debate with a new framework, the Adaptive Markets Hypothesis, in which rationality and irrationality coexist.Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency isn't wrong but merely incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo's new paradigm explains how financial evolution shapes behavior and markets at the speed of thought--a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation.A fascinating intellectual journey filled with compelling stories, Adaptive Markets starts with the origins of market efficiency and its failures, turns to the foundations of investor behavior, and concludes with practical implications--including how hedge funds have become the Galapagos Islands of finance, what really happened in the 2008 meltdown, and how we might avoid future crises.An ambitious new answer to fundamental questions in economics, Adaptive Markets is essential reading for anyone who wants to know how markets really work.

    This Very Short Introduction chronicles Mao's journey from peasant child to ruler of the most populous nation on Earth. Delia Davin provides an invaluable portrait of Mao, showing him in all his complexity--ruthless, brutal, and ambitious, a man of enormous talent and perception, yet a leader who is still detested by some and venerated by others. She shows how he helped found both the Chinese Communist Party and the Red Army, and how for many years he fought on two fronts, for control of the Party and in an armed struggle for the Party's control of the country. His revolution unified China and began its rise to world power status. He was the architect of the Great Leap Forward that he hoped would make China both prosperous and egalitarian, but instead ended in economic disaster resulting in millions of deaths. It was Mao's growing suspicion of his fellow leaders that led him to launch the Cultural Revolution, and his last years were dogged by ill-health and his despairing attempts to find a successor. Davis also looks at the years of his death, when the reform leadership abandoned Mao's revolutionary goals and embraced the market. About the Series: Oxford's Very Short Introductions series offers concise and original introductions to a wide range of subjects--from Islam to Sociology, Politics to Classics, Literary Theory to History, and Archaeology to the Bible. Not simply a textbook of definitions, each volume in this series provides trenchant and provocative--yet always balanced and complete--discussions of the central issues in a given discipline or field. Every Very Short Introduction gives a readable evolution of the subject in question, demonstrating how the subject has developed and how it has influenced society. Eventually, the series will encompass every major academic discipline, offering all students an accessible and abundant reference library. Whatever the area of study that one deems important or appealing, whatever the topic that fascinates the general reader, the Very Short Introductions series has a handy and affordable guide that will likely prove indispensable.

    In this lively and accessible introduction, Graham Priest shows how wrong this conception is. He explores the philosophical roots of the subject, explaining how modern formal logic deals with issues ranging from the existence of God and the reality of time to paradoxes of probability and decision theory. Along the way, the basics of formal logic are explained in simple, non-technical terms, showing that logic is a powerful and exciting part of modern philosophy.About the Series: Combining authority with wit, accessibility, and style, Very Short Introductions offer an introduction to some of life's most interesting topics. Written by experts for the newcomer, they demonstrate the finest contemporary thinking about the central problems and issues in hundreds of key topics, from philosophy to Freud, quantum theory to Islam.

    Across the globe, it has become increasingly accepted dogma that economic activities should be dominated by market forces, not political concerns. With chapters on Europe, the US, Britain, the Third World, the Arab States, Asia, China, India, Latin America, and the former communist countries, Yergin and Stanislaw provide an incisive overview of the state of the economy, and of the battles between governments and markets in each region. Now updated throughout and with two new chapters, The Commanding Heights explains a revolution which is unfolding before our very eyes.

    In this Very Short Introduction, Daniel K. Gardner explores the major ideas of the Confucian tradition, showing their profound impact on life in China over the last twenty-six centuries. Gardner focuses on two of the Sage's most crucial philosophical questions—what makes for a good person and what constitutes good government—and traces how the great thinkers within the Confucian tradition responded, often quite differently, to these questions. As Gardner makes clear, Confucianism is still very much alive even today. The current Chinese government invokes Confucian political ideals to promote its policies, and the Chinese people are again looking to its teachings for moral direction in a time of rapid socioeconomic change.

    In 1800 it was overwhelmingly rural, agrarian, multilingual, and almost half-Celtic. A century later it was largely urban and English. The effects of the Industrial Revolution caused cities to swell enormously. London, for example, grew from about 1 million people to over 6 million. Abroad, the British Empire was reaching its apex, while at home the world came to marvel at the Great Exhibition of 1851 with its crowning achievement--the Crystal Palace. Historians Christopher Harvie and Colin Matthew present a comprehensive and authoritative guide to the social, economic, and political events that marked the era on which many believed the sun would never set.

    Travel fast enough and you could weigh as much as a jumbo jet, be flattened thinner than a CD without feeling a thing-and live forever! As for the angles of a triangle, they do not always have to add up to 180 degrees. And then, of course, there are black holes. These are but a few of the extraordinary consequences of Einstein's theory of relativity. It is now over a hundred years since he made these discoveries, and yet the general public is still largely unaware of them. Filled with illuminating anecdotes and fascinating accounts of experiments, this book aims to introduce the interested lay person to the subject of relativity in a way which is accessible and engaging and at the same time scientifically rigorous. With relatively few mathematical equations--nothing more complicated than the Pythagoras's Theorem--this VSI packs a lot time into very little space, and for anyone who has felt intimidated by Einstein's groundbreaking theory, it offers the perfect place to start. About the Series: Combining authority with wit, accessibility, and style, Very Short Introductions offer an introduction to some of life's most interesting topics. Written by experts for the newcomer, they demonstrate the finest contemporary thinking about the central problems and issues in hundreds of key topics, from philosophy to Freud, quantum theory to Islam.

    The growing number of patients being diagnosed with depression, ADD, alcoholism, and other illnesses mean that few people are not touched by it. This book provides a valuable and comprehensible introduction to the subject. It starts with the history of its development as a scientific field, including the identification of major mental illnesses, the rise and fall of the asylum system, and the flourishing of psychoanalysis and other psychotherapies. More than any other branch of medicine, psychiatry has been attacked and criticized. There is a long list of perceived horrors--patient abuse, bizarre medical experiments, mind-control by evil governments, coercion by maniacal hypnotists. Modern psychiatry brings with it new controversies, such as the perceived over-prescription of antidepressants and behavior modifiers for children and teens, or unchecked marketing power of drug companies. This book does not draw conclusions on these issues, but rather provides the reader with a clear understanding of what psychiatry is, and what it does, so that they can draw their own. It is a great reference for anyone with an interest in mental illness and its treatment, students of psychiatry, medicine, psychology, and history of science, and health professionals.

    To the extent possible, he has made a science of understanding how the US economy works almost as a living organism--how it grows and changes, surges and stalls. He has made a particular study of the question of productivity growth, at the heart of which is the riddle of innovation. Where does innovation come from, and how does it spread through a society? And why do some eras see the fruits of innovation spread more democratically, and others, including our own, see the opposite?In Capitalism in America, Greenspan distills a lifetime of grappling with these questions into a thrilling and profound master reckoning with the decisive drivers of the US economy over the course of its history. In partnership with the celebrated Economist journalist and historian Adrian Wooldridge, he unfolds a tale involving vast landscapes, titanic figures, triumphant breakthroughs, enlightenment ideals as well as terrible moral failings. Every crucial debate is here--from the role of slavery in the antebellum Southern economy to the real impact of FDR's New Deal to America's violent mood swings in its openness to global trade and its impact. But to read Capitalism in America is above all to be stirred deeply by the extraordinary productive energies unleashed by millions of ordinary Americans that have driven this country to unprecedented heights of power and prosperity. At heart, the authors argue, America's genius has been its unique tolerance for the effects of creative destruction, the ceaseless churn of the old giving way to the new, driven by new people and new ideas. Often messy and painful, creative destruction has also lifted almost all Americans to standards of living unimaginable to even the wealthiest citizens of the world a few generations past. A sense of justice and human decency demands that those who bear the brunt of the pain of change be protected, but America has always accepted more pain for more gain, and its vaunted rise cannot otherwise be understood, or its challenges faced, without recognizing this legacy. For now, in our time, productivity growth has stalled again, stirring up the populist furies. There's no better moment to apply the lessons of history to the most pressing question we face, that of whether the United States will preserve its preeminence, or see its leadership pass to other, inevitably less democratic powers.

    The author illustrates important aspects of Africa's history with a range of fascinating historical examples, drawn from over 5 millennia across this vast continent. The multitude of topics that the reader will learn about in this succinct work include the unity and diversity of African cultures, slavery, religion, colonial conquest, the diaspora, and the importance of history in understanding contemporary Africa. The book examines questions such as: Who invented the idea of "Africa"? How is African history pieced together, given such a lack of documentary evidence? How did Africa interact with the world 1,000 years ago? Africa has been known as 'the cradle of mankind', and its recoverable history stretches back to the Pharaohs. But the idea of studying African history is itself new, and the authors show why it is still contested and controversial. This VSI, the first concise work of its kind, will prove essential reading for anyone interested in the African continent and the diversity of human history.

    These, along with the introduction of the oral contraceptive, have altered all of our lives. There has also been an increase in the recreational use and abuse of drugs in the Western world. This Very Short Introduction gives a non-technical account of how drugs act on the body and how therapeutic drugs are developed and tested, then goes on to review both legal (prescription, alcohol, nicotine, and caffeine) and illegal drugs, and discuss current ideas about why some drugs are addictive, and whether drug laws need reform.

    In this Very Short Introduction, Peter Marshall illuminates the causes and consequences of this pivotal movement in western Christianity. The Reformation began as an argument aboutwhat Christians needed to do to be saved, but rapidly engulfed society in a series of fundamental changes. This book provides a lively and up-to-date guide that explains doctrinal debates in a clear and non-technical way, but also explores the effects the Reformation had on politics, society, art, and minorities. Marshall argues that the Reformation was not a solely European phenomenon, but that varieties of faith exported from Europe transformed Christianity into a truly world religion. The complex legacy of the Reformation is also assessed. Its religious fervor produced remarkable storiesof sanctity and heroism, and some extraordinary artistic achievements. But violence, holy war, and martyrdom were equally its products. A paradox of the Reformation--that it intensified intolerance while establishing pluralism--is one we still wrestle with today.

    Looking at texts ranging from the Gospels from NagHammadi to the Dialogues with the Risen Savior, Paul Foster shows how the apocryphal gospels reflect the diversity that existed within early Christianity, and considers the extent to which they can be used to reconstruct an accurate portrait of the historical Jesus. Foster demonstrates how closeanalysis of text, contents, and context are vital in assessing the value and authenticity of such ancient documents. Including discussions of controversies and case-studies such as the alleged hoax surrounding the discovery of Secret Mark, Foster concludes that the non-canonical texts, considered inthe correct context, can help us reach a more complete understanding of the multi-faceted nature of early Christianity.About the Series: Combining authority with wit, accessibility, and style, Very Short Introductions offer an introduction to some of life's most interesting topics. Written by experts for the newcomer, they demonstrate the finest contemporary thinking about the central problems and issues in hundredsof key topics, from philosophy to Freud, quantum theory to Islam.

    Klein and Michael Pettis show in this book, they are often the unexpected result of domestic political choices to serve the interests of the rich at the expense of workers and ordinary retirees.   Klein and Pettis trace the origins of today’s trade wars to decisions made by politicians and business leaders in China, Europe, and the United States over the past thirty years. Across the world, the rich have prospered while workers can no longer afford to buy what they produce, have lost their jobs, or have been forced into higher levels of debt. In this thought-provoking challenge to mainstream views, the authors provide a cohesive narrative that shows how the class wars of rising inequality are a threat to the global economy and international peace—and what we can do about it.

    However, events such as the verbal and physical attacks on Sikhs just after September 11 indicated that they were being mistaken for Muslims, and suggests that the raising of sufficient and appropriate awareness about Sikhism still needs to be addressed. This book is one of the first to introduce newcomers to Sikhism's meanings, beliefs, practices, rituals, and festivals. Eleanor Nesbitt highlights the key threads in the fascinating history, from the Gurus and the development of the Sikh appearance, to martyrdom and militarization in the 17th and 18th centuries, and the diaspora. She also examines the recent proliferation of Sikh lifestyles in today's news and entertainment media. This book is an essential guide to increasing understanding of the Sikh religion and culture.