La valeur économique comme fait social : la preuve par les évaluations boursières
In The Empire of value (MIT Press, 2014), following Durkheim, economic value is understood as a specific power coming from the collective affective investment of the group. In this article, we analyze the financial valuation according to this perspective. Following this conception, the driving force...
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| Format: | Article |
| Language: | English |
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Association Recherche & Régulation
2015-12-01
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| Series: | Revue de la Régulation |
| Subjects: | |
| Online Access: | https://journals.openedition.org/regulation/11441 |
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| Summary: | In The Empire of value (MIT Press, 2014), following Durkheim, economic value is understood as a specific power coming from the collective affective investment of the group. In this article, we analyze the financial valuation according to this perspective. Following this conception, the driving force is not produced by the individuals but by the market as an autonomous force. The explosion of the CDS during the period 2001-2007 and the Internet Bubble are illustrations of this hypothesis. The market dominates the investors that follow its direction and not the way around as it is said by the marginalist approach. It is a top-down logic and not a bottom-up logic. In a last section, we propose a model to show how the top-down logic is functioning. This model is derived from the Ising model. |
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| ISSN: | 1957-7796 |