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	<title>Comments on: Book Review: Justin Fox, The Myth of the Rational Market</title>
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	<description>The Law, the Universe, and Everything</description>
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		<title>By: The Myth of the Rational Market / Justin Fox &#8211; Rat&#39;s Reading</title>
		<link>http://www.concurringopinions.com/archives/2009/12/book-review-justin-fox-the-myth-of-the-rational-market.html/comment-page-1#comment-69730</link>
		<dc:creator>The Myth of the Rational Market / Justin Fox &#8211; Rat&#39;s Reading</dc:creator>
		<pubDate>Mon, 26 Apr 2010 01:20:48 +0000</pubDate>
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		<description>[...] Concurring Opinions [...]</description>
		<content:encoded><![CDATA[<p>[...] Concurring Opinions [...]</p>
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		<title>By: Lawrence Cunningham</title>
		<link>http://www.concurringopinions.com/archives/2009/12/book-review-justin-fox-the-myth-of-the-rational-market.html/comment-page-1#comment-66708</link>
		<dc:creator>Lawrence Cunningham</dc:creator>
		<pubDate>Wed, 16 Dec 2009 23:09:43 +0000</pubDate>
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		<description>A.J. and Frank: thanks for the kind words.  

On A.J.&#039;s (1) by &quot;similar change&quot; (and &quot;parallel&quot; story) I meant in the same direction not so much order of magnitude and (2) of the books you mention, I&#039;ve studied Cooper&#039;s carefully and regard it highly (perhaps it warrants a brief review that I&#039;ll provide if time permits).</description>
		<content:encoded><![CDATA[<p>A.J. and Frank: thanks for the kind words.  </p>
<p>On A.J.&#8217;s (1) by &#8220;similar change&#8221; (and &#8220;parallel&#8221; story) I meant in the same direction not so much order of magnitude and (2) of the books you mention, I&#8217;ve studied Cooper&#8217;s carefully and regard it highly (perhaps it warrants a brief review that I&#8217;ll provide if time permits).</p>
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		<title>By: Frank Pasquale</title>
		<link>http://www.concurringopinions.com/archives/2009/12/book-review-justin-fox-the-myth-of-the-rational-market.html/comment-page-1#comment-66690</link>
		<dc:creator>Frank Pasquale</dc:creator>
		<pubDate>Wed, 16 Dec 2009 02:12:08 +0000</pubDate>
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		<description>Great review of a terrific book.  I completely agree with it.  I also recommend Fox&#039;s podcasts (he&#039;s appeared on Russ Roberts&#039;s EconTalk, as well as several other venues).  He does a great job explaining the concepts at the heart of the book.</description>
		<content:encoded><![CDATA[<p>Great review of a terrific book.  I completely agree with it.  I also recommend Fox&#8217;s podcasts (he&#8217;s appeared on Russ Roberts&#8217;s EconTalk, as well as several other venues).  He does a great job explaining the concepts at the heart of the book.</p>
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		<title>By: A.J. Sutter</title>
		<link>http://www.concurringopinions.com/archives/2009/12/book-review-justin-fox-the-myth-of-the-rational-market.html/comment-page-1#comment-66689</link>
		<dc:creator>A.J. Sutter</dc:creator>
		<pubDate>Wed, 16 Dec 2009 02:11:30 +0000</pubDate>
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		<description>Thanks for the useful review. No disrespect, especially to you personally, but do you really think that law professors have wrought &quot;similar change,&quot; in terms of impact on the real world, to academic finance departments? Yes, impact on the legal academy and perhaps to some areas of substantive law, as you mention. (Though I&#039;d be interested to know how much of that is due to direct academic influence, e.g. in drafting legislation or regs, and how much of it is due to litigators&#039; picking up the prevailing winds from the finance world directly, and opportunistically finding law review articles to cite.) But I don&#039;t think the legal academy&#039;s role in this matter has touched the lives of every American, much less everyone in the world, the way that the finance academy&#039;s activities have. 

Which other books touching on the crisis do you recommend?  Janet Tavakoli&#039;s &lt;i&gt;Structured Finance &amp; Collateralized Debt Obligations, 2d ed.&lt;/i&gt;(2008), remains my own favorite to date, both for the technical explanations of the instruments and her withering descriptions of financial culture. George Cooper&#039;s &lt;i&gt;The Origin of Financial Crises&lt;/i&gt; (2008) is interesting especially from the central banking side of the picture, and his critique of the EMH. More on the legal side, though not exclusively about finance or corporations, &lt;i&gt;La gouvernance&lt;/i&gt; (2003) by Philippe Moreau Defarges in the Que sais-je series is a very sober critique of the idea of governance generally. And Rawi Abdelal&#039;s &lt;i&gt;Capital Rules&lt;/i&gt; (2007) describes the 1980-1990s history of the international regulations liberalizing cross-border capital movements and the hitherto ignored role of French Socialists therein (though this last is a pretty dry read, IMHO).</description>
		<content:encoded><![CDATA[<p>Thanks for the useful review. No disrespect, especially to you personally, but do you really think that law professors have wrought &#8220;similar change,&#8221; in terms of impact on the real world, to academic finance departments? Yes, impact on the legal academy and perhaps to some areas of substantive law, as you mention. (Though I&#8217;d be interested to know how much of that is due to direct academic influence, e.g. in drafting legislation or regs, and how much of it is due to litigators&#8217; picking up the prevailing winds from the finance world directly, and opportunistically finding law review articles to cite.) But I don&#8217;t think the legal academy&#8217;s role in this matter has touched the lives of every American, much less everyone in the world, the way that the finance academy&#8217;s activities have. </p>
<p>Which other books touching on the crisis do you recommend?  Janet Tavakoli&#8217;s <i>Structured Finance &amp; Collateralized Debt Obligations, 2d ed.</i>(2008), remains my own favorite to date, both for the technical explanations of the instruments and her withering descriptions of financial culture. George Cooper&#8217;s <i>The Origin of Financial Crises</i> (2008) is interesting especially from the central banking side of the picture, and his critique of the EMH. More on the legal side, though not exclusively about finance or corporations, <i>La gouvernance</i> (2003) by Philippe Moreau Defarges in the Que sais-je series is a very sober critique of the idea of governance generally. And Rawi Abdelal&#8217;s <i>Capital Rules</i> (2007) describes the 1980-1990s history of the international regulations liberalizing cross-border capital movements and the hitherto ignored role of French Socialists therein (though this last is a pretty dry read, IMHO).</p>
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