The Empire of Value
By Andre Orlean
Translated by M. B. Debevoise
By Andre Orlean
Translated by M. B. Debevoise
By Andre Orlean
Translated by M. B. Debevoise
By Andre Orlean
Translated by M. B. Debevoise
Part of Philosophical Psychopathology
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$45.00
Oct 31, 2023 | ISBN 9780262549585
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Jun 06, 2014 | ISBN 9780262323918
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Table Of Contents
A Note on the Translation vii
Tables and Figures ix
Introduction 1
Part I Critique of Political Economy
1 Substance Value 9
The Substance Hypothesis • Barter and the Exclusion of Money
• The Undervaluing of Exchange • Order from Disorder • The
Fetishism of the Commodity • A Singular Science
2 Market Objectivity 37
The Utilitarian Relationship to Things and the Problem of
General Equilibrium • Walrasian Adjustment and Mediation by
Price • The Mimetic Hypothesis • Asymmetric Information,
Quality, and Conventions • Uncertainty and Money • Market
Objectivity and Ideal-Type Models
3 Scarcity and Status 85
Utility versus Prestige • Scarcity Reconsidered • Veblen ’ s
Theory of Emulation • The Mimetic Model of Competition
• A Return to Value
Part II The Institution of Value
4 Money 107
Money versus Value • The Conceptual Origins of Money
• Currency Crises • The Objectivity of Value • The Quantity
Theory of Money • Economics and the Social Sciences
5 A New Approach to Value 141
Money and Confidence • Common Emotion • Durkheim ’ s
Theory of Value • The Role of Religion • The Liberal
Conception of Money • Monetary Miracles
Part III Market Finance
6 Financial Valuation 175
The Probabilistic Postulate and the Intrinsic Value of Shares
• The Efficiency of Financial Markets • Radical Uncertainty and
the Irreducible Subjectivity of Individual Valuations
7 Liquidity and Speculation 197
Enterprise and Speculation • Liquidity as a Social Institution
• Self-referentiality and Conventional Belief • The Inefficiency
of Financial Markets • Excessive Volatility, Speculative Bubbles,
and Blindness to Disaster • Liquidity and Convention
Part IV Self-referential Finance and the Subprime Crisis
8 Euphoria: 2003 to 2007 241
The Real-Estate Bubble • The Credit Bubble • The Mechanisms
of Euphoria • Securitization and the Role of Economists • The
Underestimation of Credit Risk • Bubble or No Bubble? • The
Market Weighs In
9 The Crisis: 2007 to 2008 285
The Panic of August 2007 • Deleveraging • The Role of
Financial Liquidity
Conclusion 311
References 325
Index 343
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