Finance, Society and the Environment
Edited by Sabri Boubaker, Douglas Cumming and Duc K. Nguyen
chapter 5: Financial instability: economic and financial perspectives
Economists from Keynes (1936) to Minsky (1986) have recognized the fragility of markets and the impact of such fragility on the broader economy. In some contrast, academic finance has chosen to build a theoretical framework on an understanding of markets as efficient and in equilibrium. Such understanding has led to a theoretical framework that greatly overestimates the market’s capacity for efficiency and self-correction.
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