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Financial conventions in Keynes's theory: the stock exchange

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  • David Dequech

Abstract

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.

Suggested Citation

  • David Dequech, 2011. "Financial conventions in Keynes's theory: the stock exchange," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 33(3), pages 469-490, April.
  • Handle: RePEc:mes:postke:v:33:y:2011:i:3:p:469-490
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    Citations

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    Cited by:

    1. André de Melo Modenesi & Rui Lyrio Modenesi & José Luis Oreiro & Norberto Montani Martins, 2013. "Convention, interest rates and monetary policy: a post-Keynesian–French-conventions-school approach," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 76-92.
    2. Arestis, Philip & Gonzalez-Martinez, Ana Rosa, 2016. "Revisiting the accelerator principle in a world of uncertainty: Some empirical evidence," Economic Modelling, Elsevier, vol. 56(C), pages 35-42.
    3. Modenesi, Rui Lyrio & Modenesi, André de Melo & Martins, Norberto Montani & Fontaine, Patrick, 2015. "Restructuring the Economic Policy Framework in Brazil: Genuine or Gattopardo change?," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 17.
    4. Bilgili, Faik, 2017. "Piyasa ekonomisine geçiş süreci ve sonrasında Türkiye'de GINI katsayılarının analizi: Alternatif GINI formülü yaklaşımı
      [During and after the process of transition to market economy, an analysis of
      ," MPRA Paper 81043, University Library of Munich, Germany.

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