Financial conventions in Keynes's theory: the stock exchange
This paper examines Keynes's treatment of financial conventions, focusing on the stock exchange. It shows that Keynes's approach was unclear but insightful. Some elements are combined here to clarify his implicit concept, which incorporated features of a general concept (social sharing, conformity with the conformity of others, and arbitrariness) with specific characteristics in financial contexts. The paper identifies a peculiar sense in which the speculator is unconventional. It contrasts the potentially short duration of Keynes's financial convention with the widespread idea that informal institutions change very slowly. Finally, it discusses the relation between convention, self-interest, and decision-theoretic and social norms.
Volume (Year): 33 (2011)
Issue (Month): 3 (April)
|Contact details of provider:|| Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348|
When requesting a correction, please mention this item's handle: RePEc:mes:postke:v:33:y:2011:i:3:p:469-490. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Nguyen)The email address of this maintainer does not seem to be valid anymore. Please ask Chris Nguyen to update the entry or send us the correct address
If references are entirely missing, you can add them using this form.