Economy and the Future: A Crisis of Faith by Jean-Pierre Dupuy PDF

By Jean-Pierre Dupuy

ISBN-10: 160917433X

ISBN-13: 9781609174330

A monster stalks the earth—a gradual, craven, dumb beast that takes fright on the slightest noise and begins on the sight of its personal shadow. This monster is the industry. The shadow it fears is forged through a mild that comes from the long run: the Keynesian problem of expectancies. it truly is this comparable mild that reasons the world’s leaders to tremble sooner than the beast. They tremble, Jean-Pierre Dupuy says, simply because they've got misplaced religion sooner or later.

What Dupuy calls financial system has degenerated at the present time right into a mad spectacle of unrestrained intake and hypothesis. yet in its optimistic form—a really political economic climate within which politics, no longer economics, is predominant—Economy creates not just a feeling of belief and self assurance but additionally a trust within the open-endedness of the longer term with no which capitalism can't functionality.

In this devastating and counterintuitive indictment of the hegemonic pretensions of neoclassical financial conception, Dupuy argues that the immutable and everlasting choice of God has been changed with the unpredictable and capricious judgment of the gang. the way forward for mankind will accordingly rely on no matter if it could possibly see throughout the blindness of orthodox monetary considering.

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Additional info for Economy and the Future: A Crisis of Faith

Sample text

Let me explain exactly what I mean when I say that self-regulation occurs through the internal production of an exteriority, what I call selftranscendence. In its simplest form, this external vantage point is constituted by prices and the movement of prices, which agents take to be given, as though they were a sort of fact of nature, whereas agents themselves are the ones who bring prices into the world, the offspring, as it were, of their own infinitely entangled decisions. Keynes’s genius was to see that businessmen’s expectations govern the distribution of incomes, and therefore the level of consumer demand.

Besides, there are too many examples to choose from. Economists who venture to say what the rate of GDP growth or the rate of inflation will be tomorrow find themselves in a radically different position with regard to future events than researchers in the physical sciences. The predictions made by physicists or astronomers do not affect the behavior of the boson or the supernova they are studying. It is a quite different matter, however, when a prominent economist, or a politician posing 30 Chapter Two as an economist, makes a public statement forecasting the movement of a key financial variable.

Neither fatalism nor voluntarism, this particular relationship to the future has its own logic and its own metaphysics. It would be a grave error, by the way, to suppose that we are dealing here with one of those pointless thought experiments that have always fascinated philosophers, from Plato’s allegory of the cave to the brain-in-a-vat puzzles that arouse such enthusiasm today. The problem I have in mind goes back to before Plato’s time, and in one or another version has had a considerable impact on human affairs throughout the ages.

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Economy and the Future: A Crisis of Faith by Jean-Pierre Dupuy


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