Financial Markets and the Real Economy

Hiroshi Yoshikawa ()
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Hiroshi Yoshikawa: University of Tokyo

Chapter Chapter 7 in Reconstruction of Macroeconomics: Methods of Statistical Physics, and Keynes' Principle of Effective Demand, 2022, pp 173-202 from Springer

Abstract: Abstract Considers financial markets. It surveys the works of econophysicists, which demonstrate that financial markets are efficient in normal times but that they occasionally lapse to abnormal phases, and bubbles occur. It argues that there is a fundamental difference between financial markets and the real economy in the concept of efficiency.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advchp:978-981-19-5264-7_7

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DOI: 10.1007/978-981-19-5264-7_7

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