On Keynes’ Animal Spirits

Marchionatti, Roberto

doi:10.1111/j.1467-6435.1999.tb00225.x

Cited by 40 publications

(10 citation statements)

References 42 publications

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“…As should be clear, this is not exactly the same as the notion of 'animal spirits' which remains a strong feature of Keynesian and post-Keynesian analysis of the financial system (Dow and Dow 2011;Marchionatti 1999).…”

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confidence: 89%

From Artisan to Partisan

Thompson¹

2013

Journal of Cultural Economy

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This article confronts the question of what a revitalized financial sector might look like if this were to be reconfigured so as to reproduce first an artisanal-like persona for the financial analyst and craft-like organizational structure for financial businesses, and second if this were to be reterritorialized so that it acted like a partisan rather than, as at present, like a disembedded footloose structure of 'global finance'. Initially the analysis is pitched at a rather abstract and theoretical level -pulling together artisans, nomads and partisans and tracing their intellectual lineages. But the chapter ends with three very concrete illustrations of actual financial relations in practice that meet some of the criteria for being both artisanal and partisanal.

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confidence: 89%

From Artisan to Partisan

Thompson¹

2013

Journal of Cultural Economy

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“…Second, net positive externalities have a strong effect in terms of rates of entry of new firms and cross-entry of incumbents from other localizations into the knowledge commons. Intentional profit-seeking mobility of firms in geographic, technological and product markets is an important characteristic of this interpretative framework (Marchionatti, 1999). 8 The parameter j of Eq.…”

Section: Localized Supermodularitymentioning

confidence: 99%

The system dynamics of collective knowledge: From gradualism and saltationism to punctuated change

Antonelli

2007

Journal of Economic Behavior & Organization

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The economics of localized technological change provides an original framework to model the dynamics of technological innovation as the result of the interaction between the inducement to change the technology, generated by the mismatch between plans and expectations, and the characteristics of the system. The interplay between networking costs and knowledge supermodularity can explain both punctuated and gradual change. Small variations in the parameters can generate either gradual or discontinuous changes. Punctuated technological change is likely to take place when the interplay between positive and negative knowledge externalities leads to the creation of commons of collective knowledge and hence new technological systems.

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“…quotation of Taylor There are indeed serious epistemological problem associated with complex economic systems which imply that there exist serious bounds on the rationality 14 (cf. Dequech, 2001;Rosser, 2001;Marchionatti, 1999) of economic agents assumed by EMH models.…”

Section: Financial Markets As Complex and Inherently Flawed Systemsmentioning

confidence: 99%

Instability and Crisis in Financial Complex Systems

2013

Review of Political Economy

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Abstract:In this paper I try to contrast the Efficient Markets Hypothesis (EMH) with the Financial Instability Hypothesis (FIH) held by Hyman Minsky taking into account the dynamic complexity of financial markets and the role of fundamental uncertainty and organic interdependence. In my opinion this approach may provide indeed analytical tools to explain crisis through processes endogenous to contemporary economics. The relevance of complex dynamic has been particularly stressed recently by Barkley Rosser (2004;; this author consider indeed complex dynamic a strong foundation for Keynesian models and results. Complex dynamics enter indeed into the analysis in at least two ways: it provides an independent source of fundamental uncertainty and this one, as discuss by Keynes himself (1936, 1937), can lead to speculative bubbles in assets markets and to over-reactions both in lender's and borrower's attitude toward risk. These aspects can lead to financial fragility and instability and follow a variety of complex dynamics. As I shall try to argue a financially complex system, according to the FIH, is indeed inherently flawed: in absence of adequate economic policy, booms and busts phenomena in financial markets fuelled by credit booms and busts, may generate endogenous instability and systemic crisis like the one occurred for the so-called "sub-prime crisis".

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On Keynes’ Animal Spirits

Cited by 40 publications

References 42 publications

From Artisan to Partisan

From Artisan to Partisan

The system dynamics of collective knowledge: From gradualism and saltationism to punctuated change

Instability and Crisis in Financial Complex Systems

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