With the newfound popularity of quantitative finance and risk management, the work of award-winning economist Fischer Black (who died of cancer in 1995) has garnered much attention. This book--with its theory that economic and financial markets are in a continual equilibrium--is one of his books that still rings true today, given the current economic crisis. This Updated Edition clearly presents Black's classic theory on business cycles and the concept of equilibrium, and contains a new introduction by the person who knows Black best: Perry Mehrling. Mehrling goes inside Black's life to uncover what was occurring during the time Black wrote Business Cycles and Equilibrium, while also shedding light on what Black would make of today's financial and economic meltdown and how he would best advise to move forward.--From publisher description.