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Financial Economics and Non-representative Art

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  • Christophe Schinckus

Abstract

In this article, I consider financial economics as an artistic science in which interpretation plays a key role. After having reminded the importance of the Efficient Market Hypothesis [EMH] in the development of institutional frameworks, we present EMH as a work of art—we illustrate this point by considering EMH as an ironic and a non-representative art in which the theoretical picture tends to replace the reality (thanks to technology). This process leads to the creation of a ‘hyper-reality’ that is paradoxically unable to predict or to explain the financial reality. In line with a postmodernist perspective of science, I claim here that financial economics and technology are used not to describe or to better understand the financial reality but rather to invent it.

Suggested Citation

  • Christophe Schinckus, 2012. "Financial Economics and Non-representative Art," Journal of Interdisciplinary Economics, , vol. 24(1), pages 77-97, January.
    • Handle: RePEc:sae:jinter:v:24:y:2012:i:1:p:77-97
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    Citations

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    Cited by:

    1. Schinckus, Christophe, 2018. "Pataphysics of finance: An essay of visual epistemology," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 52(C), pages 57-68.
    2. Jovanovic, Franck & Schinckus, Christophe, 2017. "Econophysics and Financial Economics: An Emerging Dialogue," OUP Catalogue, Oxford University Press, number 9780190205034.

    More about this item

    Keywords

    Financial markets; efficient market hypothesis; epistemology; non-representational art; hyper-reality; G10; B40; B50;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General

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