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Financial Markets and the Real Economy

In: Reconstruction of Macroeconomics: Methods of Statistical Physics, and Keynes' Principle of Effective Demand

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  • Hiroshi Yoshikawa

    (University of Tokyo)

Abstract

Considers financial markets. It surveys the works of econophysicists, which demonstrate that financial markets are efficient in normal times but that they occasionally lapse to abnormal phases, and bubbles occur. It argues that there is a fundamental difference between financial markets and the real economy in the concept of efficiency.

Suggested Citation

  • Hiroshi Yoshikawa, 2022. "Financial Markets and the Real Economy," Advances in Japanese Business and Economics, in: Reconstruction of Macroeconomics: Methods of Statistical Physics, and Keynes' Principle of Effective Demand, chapter 0, pages 173-202, Springer.
    • Handle: RePEc:spr:advchp:978-981-19-5264-7_7
    DOI: 10.1007/978-981-19-5264-7_7
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