Speed debting, and margin-call utility


Triple A trouble
Howard Davies

Robert J. Shiller
FINANCE AND THE GOOD SOCIETY
288pp. Princeton University Press. £16.95 (US $24.95).
978 0 691 15488 6

Philip Coggan
PAPER PROMISES
Money, debt and the New World Order
294pp. Allen Lane. £20.
978 1 846 14510 0

It is a brave man these days who rallies to the flag of finance. Robert J. Shiller, who teaches Economics at Yale, is one of the few academic commentators who can find a good thing to say about finance theory and financial engineering, and who is even disposed to defend the extravagant sums bankers are paid (one hesitates to say “earn”). He maintains that the financial sector is a crucial component of the infrastructure we need for a “Good Society”, and we should be reinforcing its skills, and extending its reach, rather than cutting it down to size. In so arguing, he is swimming against a strong tide. [More]

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