Observations on the legal theory of finance
AbstractThis is a comment on ’Towards a legal theory of finance’ by Katharina Pistor. It notes that both law and money are complex and controversial phenomena. They have to be treated as historically specific institutions that arise in the context of fundamental uncertainty. The historical origins of both are briefly considered. It is argued that fundamental uncertainty in the Knight-Keynes sense has been marginalised in modern economics and this creates problems for the theory of money. The comment also expands on the notion of ’essential hybridity’ - which signals that money and law are a result of both private arrangements and state intervention.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Comparative Economics.
Volume (Year): 41 (2013)
Issue (Month): 2 ()
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Web page: http://www.elsevier.com/locate/inca/622864
B40; G00; K10; N20; Law; Money; Finance; Uncertainty; Historical specificity; Essential hybridity;
Find related papers by JEL classification:
- B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
- G00 - Financial Economics - - General - - - General
- K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)
- N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Pistor, Katharina, 2013. "A legal theory of finance," Journal of Comparative Economics, Elsevier, Elsevier, vol. 41(2), pages 315-330.
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