Risk transfer: derivatives in theory and practice

authors: Christopher L Culp year: 2011 See in Zotero

Literature Notes

Gives a brief overview of economics history of thought:

Classical period - Thought that production was dependent completely on outside factors like land, knowledge, capital, labor, etc… (as opposed to internal human creativity)
Neoclassical - Looked a lot on the margin. When “in equilibrium” what is the utility/ cost/ etc. of one additional widget? Did not say how markets get to equilibrium other than Walras’ actioneer.
Austrians - The market is a process, not a state of the economy at one point in time.