Map and Territory: Risk, Human Nature, and Forecasting Problems

Alan Greenspan, who headed the Board of Governors of the Federal Reserve System of the United States from 1987 to 2006, is one of the most respected economists of our time. His new book is dedicated to the problem of economic forecasting. He explores existing economic forecasting systems in search of answers to the question of why these economic models failed to predict recent crises. The author critically analyzes the fundamental assumptions related to risk management and offers ways to update the conceptual foundation of economic models to improve the quality of forecasts in the future. The fundamental work "Map and Territory" is the quintessence of the history of economic predictions, new works in the field of behavioral economics, and Greenspan's vast professional experience.

In Russian, the book is published in a new author's edition of 2014. It is addressed to managers at all levels, financiers, investors, and those interested in the reliability of economic forecasts and the reasons for crises.