220 million Americans crowd together in the 3% of the country that is urban. 35 million people live in the vast metropolis of Tokyo, the most productive urban area in the world. The central city of Mumbai alone has 12 million people, and Shanghai almost as many. We choose to live cheek by jowl,...

The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book...