Journal Article
Economic History: The Birth of Modern Finance
Abstract: Since the 1950s, a series of theories and models have come to largely define financial and investment practices, transforming a trial-and-error practice into a quantitative academic field. Collectively, these innovations have become known as modern financial theory. If you have ever invested in an index fund or diversified your portfolio, as is the case for many Americans, you have benefited from modern financial theory.
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https://www.richmondfed.org/-/media/RichmondFedOrg/publications/research/econ_focus/2025/q3/economic_history.pdf
Description: Journal Article
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Bibliographic Information
Provider: Federal Reserve Bank of Richmond
Part of Series: Econ Focus
Publication Date: 2025-08-12
Volume: 25
Issue: 3Q
Pages: 8-11