Financial bubbles and their magic: asset price as a heroic journey in the financial markets

Alexandru (alec) Bălăşescu () and Apurv Jain ()
Additional contact information
Alexandru (alec) Bălăşescu: Simon Fraser University, Vancouver (Canada); Royal Roads University, Victoria, B.C. (Canada)
Apurv Jain: Harvard Business School, Boston (USA)

The Journal of Philosophical Economics, 2018, vol. 12, issue 1, 1-35

Abstract: 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.

Keywords: Actor-Network-Theory; semiotics; agency; asset pricing; financial bubbles; Minsky (search for similar items in EconPapers)
JEL-codes: G01 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.jpe.ro/pdf.php?id=8074 (application/pdf)
https://www.jpe.ro/?id=revista&p=462 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bus:jphile:v:12:y:2018:i:1:n:1

Access Statistics for this article

The Journal of Philosophical Economics is currently edited by Valentin Cojanu

More articles in The Journal of Philosophical Economics from Bucharest Academy of Economic Studies, The Journal of Philosophical Economics Contact information at EDIRC.
Bibliographic data for series maintained by Valentin Cojanu ().