Dysfunctional aspects of contemporary financial markets: diagnosis and prescription

• Autores: Helge Peukert
• Localización: European journal of law and economics, ISSN 0929-1261, Vol. 33, Nº 2, 2012, págs. 321-342
• Idioma: inglés
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• Resumen

  • First, Veblen’s distinction between industrial and pecuniary employments with special regard to speculation and Keynes´ view of financial markets are introduced. Second, a dominant fundamentalist, market efficiency and a heterodox speculation paradigm of financial markets are distinguished. Third, eleven proposals for financial market reform (e.g. narrow banking) are proposed. Finally, it is asked: What are the methodological consequences of the financial crisis for the prevailing scientific and ideological habits of thought? A more hermeneutical and historical approach is necessary to which Reginald Hansen contributed in his important dissertation on the debate on method.