Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/59303
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dc.contributor.authorHerr, Hansjörgen_US
dc.date.accessioned2012-06-21en_US
dc.date.accessioned2012-06-22T11:33:35Z-
dc.date.available2012-06-22T11:33:35Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/59303-
dc.description.abstractAfter the breakdown of the Bretton Woods system and the beginning of the neoliberal revolution, financial markets became very unstable. The theoretical background of the neoliberal revolution stands in the tradition of Léon Walras. He was very much impressed by Isaac Newton, used his methodology and wanted to lift economic thinking on the same level as Newton's mechanics. The rational expectation approach and the hypothesis of efficient financial markets follow this methodology. In a Keynesian-Schumpeterian approach, expectations cannot be explained by economic models - as in the case of rational expectations. The economy is not a self-regulating stable system. Development depends on social and political processes which are beyond the scope of narrow economic modelling. The world needs a fundamental re-regulation of asset and financial markets as well as labour markets to turn globalisation into a project with more winners than there are now.en_US
dc.language.isoengen_US
dc.publisher|aInst. for International Political Economy |cBerlinen_US
dc.relation.ispartofseries|aWorking Paper, Institute for International Political Economy Berlin |x03/2009en_US
dc.subject.jelB22en_US
dc.subject.jelE12en_US
dc.subject.jelE22en_US
dc.subject.ddc330en_US
dc.subject.keywordMacroeconomicsen_US
dc.subject.keywordPost-Keynesian, Financial Markets and the Macroeconomyen_US
dc.titleTime, expectations and financial marketsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn71808053Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:ipewps:032009-

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