Category: Keynes
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Inventing Value: financial value in practice
This is the second of four posts composed of extracts from the introductory chapter of my recent book Inventing Value (Cambridge UP, 2022). “The second, more empirically oriented, part of this book is about these processes in which finance sector actors influence asset valuations. It discusses how asset circles are constructed and how their members…
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Conventions and the value of financial assets
For mainstream economists, the prices of financial assets like shares and derivatives are determined by objective assessments of the future revenue streams that the holder of the asset is entitled to. But it is far more plausible to see them as the outcome of interactions between a variety of different financial valuation conventions, or lay…