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The Illusion of Control

Why Financial Crises Happen, and What We Can (and Can't) Do About It

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The Illusion of Control

By: Jon Danielsson
Narrated by: Bruce Mann
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About this listen

A challenge to the conventional wisdom surrounding financial risk, providing insight into why easy solutions to control the financial system are doomed to fail

Finance plays a key role in the prosperity of the modern world—but it also brings grave dangers. We seek to manage those threats with a vast array of sophisticated mathematical tools and techniques of financial risk management. Too often, though, we fail to address the greatest risk—the peril posed by our own behavior.

Jon Danielsson argues that critical risk is generated from within, through the interactions of individuals and perpetuated by their beliefs, objectives, abilities, and prejudices. He asserts that the widespread belief that risk originates outside the financial system frustrates our ability to measure and manage it, and the likely consequences of new regulations will help alleviate small-scale risks but, perversely, encourage excessive risk taking. Danielsson uses lessons from past and recent crises to show that diversity is the best way to safeguard our financial system.

©2022 Jón Daníelsson (P)2022 Tantor Economic Conditions Politics & Government

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Good luck with that!

Subtitle should be good luck with that! - a line he uses often. an unendless dirge about how various risk metrics are flawed and how people are dumb or crooked. Seems to really hate his field. Random wrong comments like gfc was caused in large part by low-income mortgage support something that was debunked. makes you wonder what else he doesn't know anything about. or that vol goes down when prices drop which is the other way around (vol is serially correlated hello!)

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