Friday, 5 April 2013

The City Uncovered - When Markets Go Mad

This BBC documentary takes you through the so-called "madness of markets". It begins by looking at just what is a market, what role does a market and its participants serve in the economy. Essentially markets exist as a mechanism for price discovery as demand meets supply. As the prices vary, economic agents vary their behaviour and the "invisible hand" adjusts the supply-demand balance. The presenter, Evan Davis, has some interesting interviews with a range of people to get their perspectives; professors, traders, fund managers, mortgage lenders, borrowers, and investment bankers. This documentary offers a fascinating look at the role of humans (and thus the role of psychology) in markets. At the end of the day, markets are made by people, and the behaviour of prices depends as much on the behaviour of people as it does on the economic fundamentals.

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