Books - The whole world hedged
The New Financial Order by Robert J Shiller Princeton University Press 352 pages, $29.95 ISBN 0-691-09172-2
In his new book, Robert Shiller envisages a financial utopia. He argues for a future where almost every imaginable economic risk, from individual income to national GDP, is hedged in vast new derivatives markets. He proposes a massive increase in financial data gathering to construct the thousands of new real-time indexes upon which such derivatives (or ‘risk management contracts’ as he coyly describes them) would be traded. He says this utopia would be better for everyone, where
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