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The Future of Futures

Author

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  • Elena Esposito

Abstract

This book reconstructs the dynamics of economics, beginning explicitly with the role and the relevance of time: money uses the future in order to generate present wealth. Financial markets sell and buy risk, thereby binding the future. Elena Esposito explains that complex risk management techniques of structured finance produce new and uncontrolled risks because they use a simplified idea of the future, failing to account for how the future reacts to attempts at controlling it. During the recent financial crisis, the future had already been used (through securitizations, derivatives and other tools) to the extent that we had many futures, but no open future available.

Individual chapters are listed in the "Chapters" tab

Suggested Citation

  • Elena Esposito, 2011. "The Future of Futures," Books, Edward Elgar Publishing, number 13975.
    • Handle: RePEc:elg:eebook:13975
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    References listed on IDEAS

    as
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    2. Shleifer, Andrei, 2000. "Inefficient Markets: An Introduction to Behavioral Finance," OUP Catalogue, Oxford University Press, number 9780198292272.
    3. Ingham, Geoffrey, 2004. "The nature of money," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 5(2), pages 18-28.
    4. Richard Arnott & Bruce Greenwald & Ravi Kanbur & Barry Nalebuff (ed.), 2003. "Economics for an Imperfect World: Essays in Honor of Joseph E. Stiglitz," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262012057, April.
    5. Sanford J. Grossman, 1977. "The Existence of Futures Markets, Noisy Rational Expectations and Informational Externalities," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 44(3), pages 431-449.
    6. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    7. Paul Davidson, 1978. "Money and the Real World," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-349-15865-2, December.
    8. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
    9. Nicholson,Colin, 1994. "Writing and the Rise of Finance," Cambridge Books, Cambridge University Press, number 9780521453233, October.
    10. Arnott, Richard J. & Greenwald, Bruce & Kanbur, Ravi & Nalebuff, Barry, 2003. "Joseph Stiglitz and Economics for an Imperfect World," Working Papers 127202, Cornell University, Department of Applied Economics and Management.
    11. Sanford Grossman, 1989. "The Informational Role of Prices," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262572141, April.
    12. Grossman, Sanford J, 1976. "On the Efficiency of Competitive Stock Markets Where Trades Have Diverse Information," Journal of Finance, American Finance Association, vol. 31(2), pages 573-585, May.
    13. Stiglitz, Joseph E, 1985. "Information and Economic Analysis: A Perspective," Economic Journal, Royal Economic Society, vol. 95(380a), pages 21-41, Supplemen.
    14. Donald MacKenzie, 2006. "An Engine, Not a Camera: How Financial Models Shape Markets," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262134608, April.
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    Citations

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    Cited by:

    1. Beckert, Jens, 2012. "Capitalism as a system of contingent expectations: Toward a sociological microfoundation of political economy," MPIfG Discussion Paper 12/4, Max Planck Institute for the Study of Societies.
    2. Lars Esbjerg, 2020. "To the market and back? A study of the interplay between public policy and market-driven initiatives to improve farm animal welfare in the Danish pork sector," Agriculture and Human Values, Springer;The Agriculture, Food, & Human Values Society (AFHVS), vol. 37(4), pages 963-981, December.
    3. Esposito, Elena, 2011. "Using the future in the present: Risk and surprise in financial markets," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 12(3), pages 13-18.
    4. Daniel Seabra Lopes, 2015. "Number Interception," Journal of Cultural Economy, Taylor & Francis Journals, vol. 8(2), pages 202-217, April.
    5. Beckert, Jens, 2017. "Die Historizität fiktionaler Erwartungen," MPIfG Discussion Paper 17/8, Max Planck Institute for the Study of Societies.
    6. Suckert, Lisa, 2021. "Von der Pandemie zu einer Neuordnung der Zeit? Zeitsoziologische Perspektiven auf das Verhältnis von Zeitlichkeit, Wirtschaft und Staat," MPIfG Discussion Paper 21/7, Max Planck Institute for the Study of Societies.
    7. Beckert, Jens, 2014. "Capitalist dynamics fictional expectations and the openness of the future," MPIfG Discussion Paper 14/7, Max Planck Institute for the Study of Societies.
    8. David Stark, 2014. "On Resilience," Social Sciences, MDPI, vol. 3(1), pages 1-11, February.
    9. Blagovesta Nikolova, 2014. "Marketizing the up-to-date forecasting," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 115-132.
    10. Thiemann, Matthias & Friedrich, Jan, 2016. "Drawing the line: The political economy of offbalance sheet financing," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 17(2), pages 7-16.
    11. Walter, Timo, 2019. "Janus Face of Inflation Targeting_Walter_PrePrint," OSF Preprints 9fmhe, Center for Open Science.
    12. Alisa Minina & Jonas Holmqvist, 2021. "Liquid, Solid and In-Between: Service Relationships in Global Mobility," Working Papers 2021-005, Department of Research, Ipag Business School.
    13. Bogdan Dragos & Inigo Wilkins, 2014. "An ecological/evolutionary perspective on high-frequency trading," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 4(2), pages 161-175, April.
    14. Jess Bier & Willem Schinkel, 2017. "Locating global value: National statistical infrastructures and multinational banks," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Statistical implications of the new financial landscape, volume 43, Bank for International Settlements.

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    Book Chapters

    The following chapters of this book are listed in IDEAS

    More about this item

    Keywords

    Economics and Finance; Social Policy and Sociology;

    JEL classification:

    • G0 - Financial Economics - - General

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