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Thoughts on risk ( pre-War) and the influence of logical positivism

In: The Pillars of Finance

Author

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  • Guy Fraser-Sampson

    (Cass Business School)

Abstract

A study of the available literature on the nature of investment risk breaks down very neatly into two historical periods, the first before the Second World War, and the second after it. In fact the crucial breakpoint came, as mentioned earlier, in 1952 with the publication by Harry Markowitz of an article which has not only since achieved cult status within financial circles, but has been elevated by Finance World to the status of religious dogma. It is however apposite to talk of these periods being p re-War and post-War since, in the view of at least one influential writer, it was the experience of the Second World War which created a whole new zeitgeist within which the thinking behind Markowitz’s paper would take root and go on to flower. We will review both periods, and see that very different views about the nature of risk were expressed prior to the War from those which gained currency following it.

Suggested Citation

  • Guy Fraser-Sampson, 2014. "Thoughts on risk ( pre-War) and the influence of logical positivism," Palgrave Macmillan Books, in: The Pillars of Finance, chapter 0, pages 96-113, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-26406-0_8
    DOI: 10.1057/9781137264060_8
    as

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