Advertisement
Published in:
2012 | OriginalPaper | Chapter
The Times and a New Paradigm in Personal Finance
Activate our intelligent search to find suitable subject content or patents.
Select sections of text to find matching patents with Artificial Intelligence. powered by
Select sections of text to find additional relevant content using AI-assisted search. powered by
By the late 1940s, when Harry Markowitz took the advice of his supervisor and began to explore securities pricing, the pioneering and related work by John Burr Williams was already a decade old. The stock market was yet to return to its lofty 1929 values, as the economy was buffeted first by the Great Depression, then the Second World War, and the recession that followed as economies tried to regroup after the war. The Great Depression had left a legacy of suspicion about institutions and financial markets, despite John Burr Williams’ best efforts to forge renewed interest in personal finance based on the rationality model and a scientific approach to securities pricing.