{"product_id":"financial-markets-in-the-capitalist-process-hardcover","title":"Financial Markets in the Capitalist Process - Hardcover","description":"\u003cp\u003eby \u003cb\u003eDouglas Vickers\u003c\/b\u003e (Author)\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003eThe preoccupation of financial theory with static, timeless, equilibrium analysis has given rise to an orthodoxy that avoids the problems of uncertainty in the world. This work establishes new perspectives from which contemporary financial theory can be evaluated. Echoing Keynes' observation that \"Human decisions . . . cannot depend on strict mathematical expectation,\" Douglas Vickers explains why most decisions in economics and finance are not made under conditions to which the calculus of probability applies. \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003eThe author proposes a \"new realism\" in financial theory that takes into account the uncertainty in personal and economic decisions. Both business firms and financial investors, he contends, acquire an important perspective on their alternatives by focusing on the transitional, disequilibrium processes in financial markets rather than on their sup­ posed equilibrium conditions. This involves for economic decisions an understanding of \"time\" as \"historic\" in a genuine operational sense rather than as merely a logical variable. The notion of probability should be replaced by that of possibility, the concept that the British economist G. L. S. Shackle has called \"potential surprise.\" \u003cp\u003e\u003c\/p\u003eIn Part I, Vickers' innovative approach leads to a careful study of the \"false trading\" that occurs in real and financial markets. Part II provides an exposition and an evaluation of the equilibrium theory of financial asset prices. The new analytical apparatus is applied in Part Ill to investment decision making in the firm and to the choice of financial asset portfolios, as well as to the questions of asset trading and changes in portfolio composition. \u003cp\u003e\u003c\/p\u003eA scholarly and constructive work, \u003ci\u003eFinancial Markets in the Capitalist Process\u003c\/i\u003e will generate controversy among professionals and debate among students for many years to come.\u003ch3\u003eAuthor Biography\u003c\/h3\u003e\u003cp\u003eDouglas Vickers was Professor of Economics at the University of Massachusetts, Amherst.\u003c\/p\u003e\u003cdiv\u003e\n\u003cstrong\u003eNumber of Pages:\u003c\/strong\u003e 192\u003c\/div\u003e\u003cdiv\u003e\n\u003cstrong\u003eDimensions:\u003c\/strong\u003e 0.5 x 9.21 x 6.14 IN\u003c\/div\u003e\u003cdiv\u003e\n\u003cstrong\u003eIllustrated:\u003c\/strong\u003e Yes\u003c\/div\u003e\u003cdiv\u003e\n\u003cstrong\u003ePublication Date:\u003c\/strong\u003e January 29, 1978\u003c\/div\u003e","brand":"Books by splitShops","offers":[{"title":"Default Title","offer_id":42705615487039,"sku":"9780812277395","price":174.42,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0105\/8226\/1823\/files\/8a2341513bacddc805bb68b56902e941.webp?v=1765037415","url":"https:\/\/dhlswag.com\/products\/financial-markets-in-the-capitalist-process-hardcover","provider":"BBB","version":"1.0","type":"link"}