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An Engine, Not a CameraHow Financial Models Shape Markets$
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Donald Mackenzie

Print publication date: 2006

Print ISBN-13: 9780262134606

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262134606.001.0001

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Transforming Finance

Transforming Finance

Chapter:
(p.36) (p.37) 2 Transforming Finance
Source:
An Engine, Not a Camera
Author(s):

Donald MacKenzie

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262134606.003.0002

This chapter demonstrates how significant changes have been introduced in the syllabus of financial economic studies at universities across the United States. It finds that financial economics has been transformed from a predominantly descriptive and institutional academic discipline to a more analytical, economic, and mathematical model-based subject being taught at different universities across the country. These changes have been introduced in academic financial economics due to the extensive efforts of prominent economists, financial researchers, and random-walk and efficient-market assumptions. Research works of economists and financial experts have also played a key role in transforming financial economics into a relevant modern analytical and mathematical academic discipline at universities across the United States. This analytical academic discipline has helped students of financial economics to adopt a more practical approach to analyzing and studying developments within stock markets.

Keywords:   financial economics, United States, academic discipline, financial researchers, economists

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