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2004
- handle: 10670/1.tsl226
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Financial markets rational expectations market efficiency heterodox economists liquidity regulationSujets proches
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Robert Cobbaut, « Pour tenter de conclure : à la croisée des chemins... », Reflets et perspectives de la vie économique, ID : 10670/1.tsl226
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– The first section of the paper is aimed at elaborating in some more depth the concept of rationality. Both the mainstream and behavioral approaches to market efficiency are grounded in a « substantive» and thus necessarily unique concept of rationality. The heterodox current, on the contrary, adopts a « procedural» view of rationality which opens the door to various forms of cohabitation and competition of multiple « logics of action ». In a second section, it shows how, along the lines already drawn by Keynes in 1936, heterodox economists consider that the basic function of financial markets is providing liquidity, and by no means « genuine» valuation. This double turn-off has heavy implications for both the scope and the implementation of regulatory devices. It is calling for a concept of « reflexive law » that can be exemplified by such a regulatory principle as « comply or explain ».