The description of the first financial market: Looking back on Confusion of confusions by Joseph de la Vega

Hervé Dumez
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Hervé Dumez: CRG I3 - Centre de recherche en gestion i3 - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - Université Paris-Saclay - I3 - Institut interdisciplinaire de l’innovation - CNRS - Centre National de la Recherche Scientifique

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Abstract: The first financial market in the world was the 17th-century stock exchange in Amsterdam. Joseph de la Vega's description of it in his mythic Confusion of Confusions (1688) was the very first analysis of a stock market. As the title states, this writer, a trader in securities, saw the market as a vast disorder that normally produces order but also potentially generates chaos, since the first crashes soon followed on the market's creation. Instead of a single account of this chaos, various viewpoints are presented. For this purpose, the author chose the form of a dialog between a subtle philosopher, a circumspect merchant and a clever shareholder.

Keywords: Financial Market; Description; Technical complexity; Confusion of Confusions; Economic rationality; marché financier; description; complexité technique; confusion des confusions; rationalité économique (search for similar items in EconPapers)
Date: 2016
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Published in Gérer et Comprendre. Annales des Mines, 2016, 1, pp.5-9

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01588692

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