The Map and the Territory: Risk, Human Nature, and the Future of Forecasting

book by Greenspan

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July 20, 2026

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The Map and the Territory: Risk, Human Nature, and the Future of Forecasting is a 2013 book by Alan Greenspan. In it, Greenspan offers guidance on market forecasting, drawing lessons from the 2007-2008 financial crisis. While largely a restatement of his established economic principles, the book notably acknowledges the significant influence of human emotion, or "animal spirits" as described by John Maynard Keynes, on market behavior. This work reflects on how psychological factors impact economic predictions and market dynamics.1

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Alan Greenspan
The Greenspan legacy
In The Map and the Territory: Risk, Human Nature, and the Future of Forecasting (2013), Greenspan advanced guidelines for market prognostication in light of the lessons learned from the financial crisis. Although the book mostly constituted a reassertion and recontextualization of Greenspan’s long-held principles, it notably…
Read More
In The Map and the Territory: Risk, Human Nature, and the Future of Forecasting (2013), Greenspan advanced guidelines for market prognostication in light of the lessons learned from the financial crisis. Although the book mostly constituted a reassertion and recontextualization of Greenspan’s long-held principles, it notably…
Read More