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The Empire of Value by Andre Orlean
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The Empire of Value

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The Empire of Value by Andre Orlean
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Oct 31, 2023 | ISBN 9780262549585

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    Oct 31, 2023 | ISBN 9780262549585

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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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