The Future In Law And Finance
Alessio M. Pacces
Finance is all about the future. The success of a capitalist economy rests upon the ability of finance to sustain potentially infinite growth, based on funding today the output of tomorrow. Finance, however, needs rules. The aim of the law and finance scholarship is precisely to identify the best regulation of finance to support economic growth. Traditionally, law and finance i...
Finance is all about the future. The success of a capitalist economy rests upon the ability of finance to sustain potentially infinite growth, based on funding today the output of tomorrow. Finance, however, needs rules. The aim of the law and finance scholarship is precisely to identify the best regulation of finance to support economic growth. Traditionally, law and finance is concerned with investor protection. This would be sufficient if the future was predictable. However, because the future is in fact uncertain, the prices of financial assets are flawed and, in the short run, they may result in serious mistakes, if not widespread crises. Although these mistakes are corrected in the long run, a lot of harm may occur in the meantime.
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