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Introduction

In: Extreme Financial Risks and Asset Allocation

Author

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  • Olivier Le Courtois
  • Christian Walter

Abstract

In physics, the principle of continuity states that change is continuous rather than discrete. Leibnitz and Newton, inventors of differential calculus, said “Natura non facit saltus” (nature does not make jumps). This same principle underpinned the thoughts of Linné on the classification of species and later Charles Darwin's theory of evolution (1859). In 1890, Alfred Marshall's Principles of Economics assumed the principle of continuity, allowing the use of differential calculus in economics and the subsequent development of neoclassical economic theory. Modern financial theory grew out of neoclassical economics and naturally assumes the same principle of continuity…

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  • Olivier Le Courtois & Christian Walter, 2014. "Introduction," World Scientific Book Chapters, in: Extreme Financial Risks and Asset Allocation, chapter 1, pages 1-7, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781783263097_0001
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    Cited by:

    1. Arik Sadeh & Claudia Florina Radu & Cristina Feniser & Andrei Borşa, 2020. "Governmental Intervention and Its Impact on Growth, Economic Development, and Technology in OECD Countries," Sustainability, MDPI, vol. 13(1), pages 1-30, December.

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