A template for understanding how the economic machine works...

Ray Dalio: Man and Machine by The Economist
and the template

continued with Alan Greenspan

a 48-page paper from Alan Greenspan on the role of central bankers (the hyperlink from the title).

and the article from The Economist as a subjective summary for a few chapters in Greenspan's paper.

"It is part of the merging social science"

Nobel Prize 2009 for economics are for: Elinor Ostrom and Oliver Williamson, one political scientist and one economist.
The challenge is to design institutions, mechanisms and incentives that move us in the right direction.


Economics is not really fundamentally about markets, but about resource allocation and distribution problems. Markets appear because they operate effectively to handle a subset of these resource allocation challenges.

And Andrew Lo, who proposes the adaptive market hypothesis says EMH is not incorrect, it's just a part of a puzzle.