Roman Frydman
Encyclopedia
Roman Frydman is an American
economist
at New York University
and the author of more than ten books treating macroeconomic theory and privatization
.
Frydman's research, exemplified by his two recent books with Michael D. Goldberg, Imperfect Knowledge Economics: Exchange Rates and Risk (Princeton University Press, 2007) and Beyond Mechanical Markets: Asset Price, Swings, Risk, and the Role of the State (Princeton University Press, 2011), argues that markets cannot be predicted accurately by deterministic optimization models, particularly models promoted by adherents of the rational expectations hypothesis. Rather, Frydman argues that predictive models must take into account the role of contingent events, irrationality, imperfect knowledge and communication among the market participants. "Imperfect Knowledge Economics" presents a model that many critics have described as not only more flexible, but also more predictive of empirical events.
Frydman did his undergraduate studies in physics and mathematics at Cooper Union
, graduating in 1971. After earning a master's degree in mathematics and computer science from New York University in 1973, he began studying economics at Columbia University
, receiving a second master's degree in 1976 and a Ph.D. in 1978. After working in central Europe for many years, he returned to NYU as a faculty member in 1995. In 2001 he founded the Center on Capitalism & Society at Columbia with his frequent collaborator, Nobel Memorial Prize
winner Edmund Phelps
.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
at New York University
New York University
New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
and the author of more than ten books treating macroeconomic theory and privatization
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
.
Frydman's research, exemplified by his two recent books with Michael D. Goldberg, Imperfect Knowledge Economics: Exchange Rates and Risk (Princeton University Press, 2007) and Beyond Mechanical Markets: Asset Price, Swings, Risk, and the Role of the State (Princeton University Press, 2011), argues that markets cannot be predicted accurately by deterministic optimization models, particularly models promoted by adherents of the rational expectations hypothesis. Rather, Frydman argues that predictive models must take into account the role of contingent events, irrationality, imperfect knowledge and communication among the market participants. "Imperfect Knowledge Economics" presents a model that many critics have described as not only more flexible, but also more predictive of empirical events.
Frydman did his undergraduate studies in physics and mathematics at Cooper Union
Cooper Union
The Cooper Union for the Advancement of Science and Art, commonly referred to simply as Cooper Union, is a privately funded college in the East Village neighborhood of Manhattan, New York City, United States, located at Cooper Square and Astor Place...
, graduating in 1971. After earning a master's degree in mathematics and computer science from New York University in 1973, he began studying economics at Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
, receiving a second master's degree in 1976 and a Ph.D. in 1978. After working in central Europe for many years, he returned to NYU as a faculty member in 1995. In 2001 he founded the Center on Capitalism & Society at Columbia with his frequent collaborator, Nobel Memorial Prize
Nobel Memorial Prize in Economic Sciences
The Nobel Memorial Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics, but officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel , is an award for outstanding contributions to the field of economics, generally regarded as one of the...
winner Edmund Phelps
Edmund Phelps
Edmund Strother Phelps, Jr. is an American economist and the winner of the 2006 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Early in his career he became renowned for his research at Yale's Cowles Foundation in the first half of the 1960s on the sources of economic growth...
.