February 29, 1948 |
|Institution||New York University|
|Alma mater||Columbia University
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 left Poland in 1968, after antisemitic campaign of Polish March. He 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.
- Kay, John (October 16, 2007), "The fruitless search for exact knowledge" (PDF), Financial Times.
- "A new fashion in modelling", The Financial Express, November 30, 2007.
- Kaletsky, Anatole (February 9, 2009), "Now is the time for a revolution in economic thought", The Times.
- Whitehouse, Mark (November 30, 2010), "Economists' Grail: A Post-Crash Model" (PDF), The Wall Street Journal.
- "Alfabet Lejba Fogelmana", Wprost, No 51-52, 2011 (in Polish)
- Curriculum vitae from Frydman's web site, retrieved 2011-01-26.
- Edmund S. Phelps, Seminal Figure in Modern Economics, Wins Nobel Prize, Columbia University, October 9, 2006, retrieved 2011-01-26.