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The Finance World in 2050

As we approach the end of 2010, many publications are presenting forecasts for next year and sometimes a few years ahead. The Economist, for instance, gathered some forecasts for 2036. We would like to take the opportunity to speculate about the world in 2050, 40 years from now.

Why such a long horizon? Knowing where we are heading is the first step of planning our journey. Freeing ourselves of the present constraints can give us some interesting insights on the future.


Open Yale

Professor Shiller has recorded some lectures on financial markets in Spring 2008. You can access his course materials, read, listen and watch him online here. It is quite amazing.

Chicago School Interviews

We have read with great interest a series of interviews by economists from Chicago. This is the link. In particular the views from Professor Eugene Fama appear very dogmatic and at the same time skeptical of the conventional explanations, he does not seem to acknowledge the existence of bubbles and believes that the economics crisis preceded the financial crisis. Professor John Cochrane offers a more balanced view on the financial crisis and the state of financial economics.

My Life in Finance

Professor Eugene Fama has written a very interesting autobiography. It covers the first 50 years of modern financial economics (he has been at the University of Chicago since 1960!). His research has been really impressive and covers market efficiency, asset pricing and corporate finance. After 50 years of research, there still seems to be many unanswered questions in asset pricing (what are the Fama and French factors?) and the recent financial crisis of 2008 has put some doubts on the theory of market efficiency. You can read his paper here.

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