Observations on the legal theory of finance
This 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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References listed on IDEAS
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- Hodgson, Geoffrey M, 1997. "The Ubiquity of Habits and Rules," Cambridge Journal of Economics, Oxford University Press, vol. 21(6), pages 663-84, November.
- Geoffrey M. Hodgson, 2011. "The Eclipse of the Uncertainty Concept in Mainstream Economics," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 45(1), pages 159-176, March.
- Geoffrey Ingham, 2004. "Money," Chapters, in: The Elgar Companion To Economics and Philosophy, chapter 23 Edward Elgar.
- Lucas, Robert E., 1977. "Understanding business cycles," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 5(1), pages 7-29, January.
- Kirman, Alan, 1989. "The Intrinsic Limits of Modern Economic Theory: The Emperor Has No Clothes," Economic Journal, Royal Economic Society, vol. 99(395), pages 126-39, Supplemen.
- Geoffrey Hodgson, 2002. "The Legal Nature of the Firm and the Myth of the Firm-Market Hybrid," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 9(1), pages 37-60.
- Bell, Stephanie, 2001. "The Role of the State and the Hierarchy of Money," Cambridge Journal of Economics, Oxford University Press, vol. 25(2), pages 149-63, March.
- Searle, John R., 2005. "What is an institution?," Journal of Institutional Economics, Cambridge University Press, vol. 1(01), pages 1-22, June.
- Gindis, David, 2009. "From fictions and aggregates to real entities in the theory of the firm," Journal of Institutional Economics, Cambridge University Press, vol. 5(01), pages 25-46, April.
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