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Book Review: Geoffrey Poitras (ed), Pioneers of Financial Economics, Vol. 1, Contributions Prior to Irving Fisher, Cheltenham, UK, Edward Elgar, 2006


It is now part of the folklore of the history of financial economics that year zero for modern finance theory is 1900, when the mathematician Louis Bachelier submitted and defended his doctoral thesis on the nature of speculation and, more specifically, a theory of random events in continuous time within financial markets. This is a suitably dramatic date to mark the start of what is now called New Finance, as Bachelier was so far ahead of his time that he was overlooked for half a century until, in the 1950s and 1960s, the main contributors to New Finance hailed him as the creator of their sub-discipline.[Excerpt from text]



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