The Myth of the Rational Market: Nudging Each Other Away from Fool’s Gold

A flurry of media commentary and several new books are focused on the recent financial crisis and near economic collapse. A Newsweek article by Zakaria (2009), “Greed is Good (To a Point),” suggests reconsidering the role of greed in capitalism. This is also the theme in Fools Gold (Tett, 2009), a story about the way derivatives markets have evolved: showing greed at its worst. In many ways this is the core source of the current set of problems. In some sense, these perspectives are integrated in The Myth of the Rational Market by Fox (2009), who traces the thinking on the efficient market hypothesis, now understood for what it is: a myth. Both books are based in large part on interviews with major players in the crisis. There are also books drawing mainly on science, but still quite accessible to general readers, as represented in Nudge by Thaler and Sunstein (2008). Both have done extensive research on human foibles in economic choice. There is also Animal Spirits (Akerlof and Schiller, 2009), a book about what Keynesian economics is really about, a look at human forces at work. Akerlof is a Nobel prize winner in economics, who before this has pointed to the problems with presuming rationality in real markets. Schiller is one of the few economists who predicted these events.

Review of The Bible at Qumran: Text, Shape, and Interpretation, edited by Peter W. Flint

Review of The Bible at Qumran: Text, Shape, and Interpretation, edited by Peter W. Flint. Studies in the Dead Sea Scrolls and Related Literature. Grand Rapids, MI: Eerdmans, 2001. Pp. xv + 266. Price: $22.00. ISBN 0-8028-4630-0. This volume is another contribution to the Eerdmans series Studies in the Dead Sea Scrolls and Related Literature. The essays are loosely gathered around the topic "The Bible at Qumran," and the editor has divided the articles into two groups. Part 1, "The Scriptures, the Canon, and the Scrolls," includes articles by J.A. Sanders, B.W. Waltke, E. Ulrich, C.A. Evans, and the editor, P.W. Flint. The contributors to Part 2, "Biblical Interpretation and the Dead Sea Scrolls," are J.C. VanderKam, C.A. Evans, J.E. Bowley, J.M. Scott, M.G. Abegg, and R.W. Wall. Unlike other volumes of collected essays in this series, which have highlighted the work of a single author or published the proceedings of a particular conference, this collection has a more disparate origin. Some contributions were given as papers at the Dead Sea Scrolls Institute of Trinity Western University (Bowley, Ulrich, VanderKam and Wall), one (Waltke) is reprinted from The New International Dictionary of Old Testament Theology and Exegesis (Grand Rapids: Zondervan, 1997), and the rest (Abegg, Evans, Flint, Sanders and Scott) were invited for the volume.

Review of: Solving the Mysteries of the Dead Sea Scrolls: New Light on the Bible, by Edward M. Cook

Edward M. Cook's new book makes an excellent addition to the growing list of "introductions" to the Dead Sea Scrolls. Aimed primarily at a Christian lay and clerical audience, it succeeds admirably in leading its readers through the labyrinthine world of Scroll scholarship and controversy. The book divides itself into two uneven parts. In the first part, chapters 1-4, Cook deals with the discovery of the Scrolls in 1947 and the subsequent history of their decipherment and (often delayed) publication. Cook's treatment of this controversial topic is the most fair and evenhanded I have ever read; he has done meticulous research, reading many accounts of the Scrolls, from Edmund Wilson's in the 1950's to the latest journal articles from 1993. The result is a highly readable account of the finding and purchase of the Scrolls, the appointment of an international team of scholars to decipher and publish them, the delays in publication (including the results of the Six Day War in 1967, when most of the Scroll fragments fell into Israeli hands), and the controversy surrounding then editor-in-chief John Strugnell and the release of the photographs in the late 1980's and early 1990's. Cook is objective and fair throughout, but particularly striking is his sympathetic portrayal of the original seven member editorial team.