Risk, Human Nature, and the Future of Forecasting

The Map and the Territory 2.0

Born in 1926 in New York City, Alan Greenspan worked as a Juilliard-trained professional musician before  studying Economics at New York University, where he earned his PhD. In 1954, he co-founded the consulting firm Townsend-Greenspan &amp; Co. He served as Chair of the Council of Economic Advisers under President Gerald Ford, 1974-77. In 1987, President Ronald Reagan appointed him Chairman of the Federal Reserve Board, a position he held until his retirement in 2006.

Like all of us, though few so visibly, Alan Greenspan was forced by the financial crisis of 2008 to question some fundamental assumptions about risk management and economic forecasting. How had our models so utterly failed us? 
 
Virtually every day, we make wagers on the future - but, even when we're not driven by factors entirely beyond our conscious control, the maps by which we are steering are often out-of-date. The Map and the Territory is an important attempt to update our forecasting conceptual grid using twenty-first-century technologies, offering a lucid and empirical grounding in what we can know about economic forecasting and what we can't.

Adventures in a New World

The Age of Turbulence

Feeling the credit crunch? Let the man from the Fed straighten things out

Alan Greenspan's The Age of Turbulence is the essential guide to what is happening in the world, and where we're heading, from the ultimate expert. 
 
 Alan Greenspan wielded more power than the presidents he worked for, from Ronald Reagan and Bill Clinton to George Bush and his son. He was in the command room of the world economy for longer than any other single figure. One word from him could send markets into freefall. 
 
 Now Alan Greenspan, the legendary former chairman of the Federal Reserve, gives us a unique insider's view of the world over his lifetime, from stock market exuberance to political turmoil - and his predictions for the future of our fast-changing, increasingly turbulent global economy. 
 
 'First rate ... [The Age of Turbulence] is intelligent in a way that few popular books on economics manage or even try to be ... An enjoyable read' &amp;nbsp;&amp;nbsp;Economist 
 
 'With his book, [Greenspan] finally lets us know what he's thinking ... surprisingly frank ... downright entertaining' &amp;nbsp;&amp;nbsp;David Leonhardt, The New York Times 
 
 '[Readers] will find that Greenspan's well-informed musings offer much more food for thought than the usual Washington memoir' &amp;nbsp;&amp;nbsp;BusinessWeek 
 
 Alan Greenspan (b.1926) earned his B.A., M.A. and Ph.D. in Economics from New York University. In 1954, he co-founded the economic consulting firm Townsend-Greenspan &amp; Co. From 1974 to 1977, he served as Chair of the Council of Economic Advisers under President Gerald Ford. In 1987, President Ronald Reagan appointed him Chairman of the Federal Reserve Board, a position he held until his retirement in 2006.

Alan Greenspan was born in 1926 and reared in the Washington Heights neighborhood of New York City. After studying the clarinet at Juilliard and working as a professional musician, he earned his B.A., M.A. and Ph.D. in Economics from New York University. In 1954, he co-founded the economic consulting firm Townsend-Greenspan &amp; Co. From 1974 to 1977, he served as Chair of the Council of Economic Advisers under President Gerald Ford. In 1987, President Ronald Reagan appointed him Chairman of the Federal Reserve Board, a position he held until his retirement in 2006.

The most remarkable thing that happened to the world economy after 9/11 was ... nothing. What would have once meant a crippling shock to the system was absorbed astonishingly quickly, partly due to the efforts of the then Chairman of the Federal Reserve Board, Alan Greenspan. 
 
The post 9/11 global economy is a new and turbulent system &mdash; vastly more flexible, resilient, open, self-directing, and fast-changing than it was even twenty years ago. The Age of Turbulence is an incomparable reckoning with the nature of this new world &mdash; how we got here, what we're living through, and what lies over the horizon, for good or ill, channelled through Greenspan's own experiences working in the command room of the global economy for longer and with greater effect than any other single living figure.

Alan Greenspan

Capitalism in America

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