Financial bubbles and their magic: asset price as a heroic journey in the financial markets
Why do financial crises appear unprecedented in spite of being a rather regular occurrence across countries and time? There are many answers from various schools of finance and economics, including Minsky’s financial instability hypothesis in which systemic stability endogenously results in instabil...
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2018-11-01
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doaj-977b78d30cf947ebb4d58d63ae48ae352020-11-24T21:20:51ZdeuRosetti InternaţionalJournal of Philosophical Economics1843-22981844-82082018-11-01XII1135Financial bubbles and their magic: asset price as a heroic journey in the financial marketsAlexandru (alec) BĂLĂŞESCU0Apurv Jain1 Simon Fraser University, Vancouver (Canada) Harvard Business School, Boston (USA) Why do financial crises appear unprecedented in spite of being a rather regular occurrence across countries and time? There are many answers from various schools of finance and economics, including Minsky’s financial instability hypothesis in which systemic stability endogenously results in instability. We explore the inclusion of observed human behavior in an endogenous framework by engaging with anthropological concepts such as myth, ritual and magic that structure and explain our behaviour, and by extending the concept of agency from human to non-human. We also point to the possibility of better understanding our position in the mythological cycle using the new social media data. The aim of the article is to offer a holistic framework of interpretation of causes and circumstances of economic crises, using the tools of economy, semiotics, and economic anthropology that would account for both the universality of these crises and for their particular occurrences that always seem unique. https://www.jpe.ro/pdf.php?id=8074 Actor-Network-Theorysemioticsagencyasset pricingfinancial bubblesMinsky |
collection |
DOAJ |
language |
deu |
format |
Article |
sources |
DOAJ |
author |
Alexandru (alec) BĂLĂŞESCU Apurv Jain |
spellingShingle |
Alexandru (alec) BĂLĂŞESCU Apurv Jain Financial bubbles and their magic: asset price as a heroic journey in the financial markets Journal of Philosophical Economics Actor-Network-Theory semiotics agency asset pricing financial bubbles Minsky |
author_facet |
Alexandru (alec) BĂLĂŞESCU Apurv Jain |
author_sort |
Alexandru (alec) BĂLĂŞESCU |
title |
Financial bubbles and their magic: asset price as a heroic journey in the financial markets |
title_short |
Financial bubbles and their magic: asset price as a heroic journey in the financial markets |
title_full |
Financial bubbles and their magic: asset price as a heroic journey in the financial markets |
title_fullStr |
Financial bubbles and their magic: asset price as a heroic journey in the financial markets |
title_full_unstemmed |
Financial bubbles and their magic: asset price as a heroic journey in the financial markets |
title_sort |
financial bubbles and their magic: asset price as a heroic journey in the financial markets |
publisher |
Rosetti Internaţional |
series |
Journal of Philosophical Economics |
issn |
1843-2298 1844-8208 |
publishDate |
2018-11-01 |
description |
Why do financial crises appear unprecedented in spite of being a rather regular occurrence across countries and time? There are many answers from various schools of finance and economics, including Minsky’s financial instability hypothesis in which systemic stability endogenously results in instability. We explore the inclusion of observed human behavior in an endogenous framework by engaging with anthropological concepts such as myth, ritual and magic that structure and explain our behaviour, and by extending the concept of agency from human to non-human. We also point to the possibility of better understanding our position in the mythological cycle using the new social media data. The aim of the article is to offer a holistic framework of interpretation of causes and circumstances of economic crises, using the tools of economy, semiotics, and economic anthropology that would account for both the universality of these crises and for their particular occurrences that always seem unique. |
topic |
Actor-Network-Theory semiotics agency asset pricing financial bubbles Minsky |
url |
https://www.jpe.ro/pdf.php?id=8074
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work_keys_str_mv |
AT alexandrualecbalasescu financialbubblesandtheirmagicassetpriceasaheroicjourneyinthefinancialmarkets AT apurvjain financialbubblesandtheirmagicassetpriceasaheroicjourneyinthefinancialmarkets |
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