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The Empire of ValueA New Foundation for Economics$
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André Orléan

Print publication date: 2014

Print ISBN-13: 9780262026970

Published to MIT Press Scholarship Online: January 2015

DOI: 10.7551/mitpress/9780262026970.001.0001

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Introduction

Introduction

Chapter:
(p.1) Introduction
Source:
The Empire of Value
Author(s):

André Orléan

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262026970.003.0001

The main body of the book is divided into three parts, aimed at emphasizing the internal consistency of the neoclassical paradigm while pointing out its limitations; demonstrating that money is a social institution that drives the entire machinery of market exchange; and showing that the notion of objective financial value, and indeed the traditional theory of value as a whole, must be abandoned. It is argued that the underlying logic of financial markets is essentially mimetic, and that this imitative dynamic is the source of the misalignment sometimes observed between prices in the real economy and in financial markets. The failure of the neoclassical paradigm to take into account this and other aspects of market behavior is at the root of the current crisis in economic theory.

Keywords:   crisis, economic theory, imitative dynamic, market exchange, mimetic, money, neoclassical paradigm

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