In this book, prominent
economic researcher Pascal Blanqué offers his theory on the effect of memory on
the economic cycle and provides an analysis of stock market phenomena and their
Placing time at the
heart of the global dynamic of the financial sphere, the first part of the book
provides keys to interpret the current economic system and its imbalances.
Blanqué believes that everything economic-related is reducible to a time
differential. The various states of global economic balance, as well as the
economic dynamics that determine that balance, are based on the value given to
time, in particular, to memory and forgetfulness.
This assigned value
governs preferences and substitutions between goods, services, and financial
assets; steers the monetary dynamics of liquidity; and ultimately determines
prices and activity.
In the second part of
the book, Blanqué gives his insider's view on how the stock marcket really
works. He describes a psychological space-time reference frame that is unique
to the stock market universe. Within this reference frame, memory and
forgetfulness play a major role in determining market activity and the
volatility of prices.
Blanqué concludes by
expressing his concern that the resources of the financial industry are too often
dedicated solely to monitoring the immediate moment in time when trading goods
and assets and are not sufficiently oriented toward an understanding of the
broader economic issues at stake.
Nombre de pages : 310
Format : 15,5 x 24,0 cm
ISBN : 978-2-7178-5868-6