Abstract
Once upon a time, 24 stockbrokers got together under a buttonwood tree outside 68 Wall Street and formed the New York Stock Exchange. A century earlier, merchants used to meet at the Lloyd’s coffee house in the City of London to agree how to share risk, and started the London insurance market that bears the same name.
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Notes
- 1.
Foot, P (1978) The Problem of Abortion and the Doctrine of the Double Effect Virtues and Vices (Oxford: Basil Blackwell, 1978) (originally appeared in the Oxford Review, Number 5, 1967).
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As described in Singer (2005) Ethics and Intuitions The Journal of Ethics.
- 3.
Smith, A (1776) An Enquiry into the nature and Causes of the Wealth of Nations William Strahan, Thomas Cadell.
- 4.
Quoted in Dealbook (2009) Blankfein Says He’s Just doing “God’s Work” New York Times November 9 http://dealbook.nytimes.com/2009/11/09/goldman-chief-says-he-is-just-doing-gods-work/?_r=1
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Arrow, K Debreu, G (1954) Existence of an equilibrium for a competitive economy Econometrica. 22 (3): 265–290. https://web.stanford.edu/class/msande311/arrow-debreu.pdf
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Turner,A (2013) Economics after the crisis MIT Press.
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Fabozzi, F Modigliani, F Jones, J and Ferri, M (2010). Foundations of Financial Markets and Institutions, 4th ed. Prentice Hall.
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Mackenzie, D (2006) An Engine, Not a Camera MIT Press.
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Wall Street Journal 9 May 2010 Dow Takes a Harrowing 1,010.14-Point Trip.
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Fabozzi, F Modigliani, F Jones, J and Ferri, M (2010). Foundations of Financial Markets and Institutions, 4th ed. Prentice Hall.
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See for example Shiller, R (2005) Irrational Exuberance Princeton University Press.
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The Economist 2 April 2016 Analyse This http://www.economist.com/news/business/21695940-enduring-power-biggest-idea-business-analyse
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Quoted in Forbes 26 June 2013 The Origin Of “The World’s Dumbest Idea”: Milton Friedman.
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Stout, L (2012) The Shareholder Value Myth Berrett-Koehler Publishers.
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Stout, L (2012) The Shareholder Value Myth Berrett-Koehler Publishers.
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Mackenzie, D (2006) An Engine, Not a Camera MIT Press
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The Sugarscape: http://sugarscape.sourceforge.net/
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ABM have failed to replicate an actual markets (see, e.g., E. Samanidou, E. Zschischang, D. Stauffer, T. Lux (2007) Agent-based Models of Financial Markets arXiv:physics/0701140) but this is not the point, they demonstrate the dynamics of a market. An actual market is more complex than any model, and because it is a complex system, the precise interaction of the agents determines the precise outcome of the market.
- 22.
Easterlin, R (2005) Diminishing marginal utility of income?: Caveat emptor Social Indicators Research, 70: 243–255.
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It’s currently around $3,000, so it has a way to go.
- 24.
This argument really applies to rich countries. There is a well-trodden model whereby poorer countries can and have industrialised and thereby rapidly grow; the developmental state model. Here, countries direct finance and provide government support for key industries, at the same time putting up tariff barriers to protect these industries; and then gradually move the economy up the value chain. So initially the industries chosen are ones that the country has an advantage because of cheap labour. As time goes by the country supports more advanced technologies which can make use of an increasingly educated work force. See for example Cohen, S and DeLong, B (2016) Concrete Economics Harvard Business Review Press.
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In 2013.
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Economics help website: http://www.economicshelp.org/blog/4060/economics/total-uk-debt/ accessed 8 December 2016.
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See, for example Chapter 9 of King, M (2016) The End of Alchemy W W Norton and Company.
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Quoted in the Guardian 29 November 2007 Stern: Climate change a “market failure”.
- 32.
I am indebted to my friend Mishko Hansen for the concept of flourishing, and his unpublished thesis Hansen, M (2015) Subjects of value: Consumption and the Ethics of Business Cambridge University.
- 33.
Layard, R (2011) Happiness: Lessons from a New Science Penguin.
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Smith, A (1776) An Enquiry into the nature and Causes of the Wealth of Nations William Strahan, Thomas Cadell.
- 35.
I owe this formulation to Bess, M (2016) Make way for the Superhumans Icon Books Ltd.
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Quoted by The International Churchill Society http://www.winstonchurchill.org/resources/quotations/the-worst-form-of-government
- 37.
All though Taibbi, M (2014) The Divide: American injustice in the age of the wealth gap Spiegel & Grau argues that finance and inequality does pervert the course of justice.
- 38.
OpenSecrets.Org Lobbying: https://www.opensecrets.org/lobby/top.php?showYear=a&indexType=i accessed 12 December 2016.
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Silver, N. (2017). On Value and Values. In: Finance, Society and Sustainability. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-56061-2_9
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