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The economics of the stock market / Andrew Smithers
Livre
Edited by Oxford University Press - 2022
"Since the 2008 financial crisis the neoclassical synthesis has increasingly been acknowledged as an unsatisfactory theory on which to base economic policy. Its failure to incorporate finance in its models being often identified as its most obvious weakness. While the stock market is not the only form of finance which needs to be incorporated into a satisfactory model for the economy it is an important element and this book presents a model which includes it. The neoclassical synthesis is not necessarily a completely unified body of doctrine, but the model presented here differs sharply from those usually held by adherents of the current consensus. It shows that the objections to the neoclassical synthesis consensus and the claims of the proposed model are supported by the evidence and submits that the latter should therefore be preferred"
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