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Saving decisions, wealth and speculation

In: Crisis and the Failure of Economic Theory

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Abstract

The mainstream interpretations of the crisis also rely on concepts such as speculation and speculative bubble that are completely alien to the traditional theory. This chapter shows that the phenomenon of speculation can be explained by specifying the relationship between savings decisions and the stock of wealth emphasized by Keynes when he describes a monetary economy. The importance of the wealth accumulation process emerges in the context of an economy in which needs are insatiable because innovations continuously determine the production of new goods and the appearance of new needs.

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  • ., 2017. "Saving decisions, wealth and speculation," Chapters, in: Crisis and the Failure of Economic Theory, chapter 6, pages 92-108, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16985_6
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    Economics and Finance;

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