Autopoietic Market Hypothesis: The Concept of Autopoiesis

The chapter introduces the crucial concept of the authors/book: the autopoietic market hypothesis. It begins with examining the concept of biological/natural living (from a logical perspective), with its sufficiency predicates, in order to introduce further the own authors’ concept of logically living. The latter concept is very analytically examined to ground the autopoieticity of the symbolic species as the financial market. Further, after a short intellectual history of its natural state, the concept autopoiesis is examined in its largest conceptual family and logically grounded (in this context, some quasitheorems are proposed), and its sufficiency predicates are very analytically studied. Based on the former findings, the chapter discusses the genesis of autopoieticity in the financial market, establishing six types of financial autopoieticity. Other two significant issues are then examined: the relationships between financial autopoieticity and automatic stabilizers, and, respectively, the relationships between financial autopoieticity and behavioural entropy. The relatively recent proposal of the constructal law (as a substitute for the second law of Thermodynamics) is discussed too in relation to the financial autopoieticity. Finally, a sketch of the authors’ proposal for a universal criterion of inter-actions (including the financial market interactions) is described and interpreted.