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description Publicationkeyboard_double_arrow_right Report 2015 Sweden EnglishPublisher:Fessud, University of Leeds Funded by:EC | FESSUDEC| FESSUDAuthors: Hermele, Kenneth;Hermele, Kenneth;Economists' attempts to understand the relationship between the real and the financial eocnomy, and the impact of the latter on the former, go back to the origins of economics but they have gained renewed strength with the financial crisis of 2008 and the resulting economic crisis. The relationship real-finance is variously portrayed as being non-important, mutually beneficial, or destructive, real economic activities losing out to pure speculation and wasteful consumption patterns. The various economics traditions' takes concerning the pro- and cons of the rise of finance capital is discussed, and summarized in a table. In the process, classical and neo-classical, as well as Marxist, Neo-Schumpeterian and Ecological perspectives are discussed (and summarized in the Appendix). Three levels of the economy are investigated: the financial, the real (where production of goods and services take place) and the real-real, where the physical pre-conditions for the other two are located. The conclusion is that the various sectors cannot be understood in isolation from each other, and that some of the recipes for a resumption of a healthy balance between finance and the real economy forget to anchor this vision in a clear understanding of the limits to growth suplied by Ecological Economics.
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description Publicationkeyboard_double_arrow_right Report 2015 Sweden EnglishPublisher:Fessud, University of Leeds Funded by:EC | FESSUDEC| FESSUDAuthors: Hermele, Kenneth;Hermele, Kenneth;Economists' attempts to understand the relationship between the real and the financial eocnomy, and the impact of the latter on the former, go back to the origins of economics but they have gained renewed strength with the financial crisis of 2008 and the resulting economic crisis. The relationship real-finance is variously portrayed as being non-important, mutually beneficial, or destructive, real economic activities losing out to pure speculation and wasteful consumption patterns. The various economics traditions' takes concerning the pro- and cons of the rise of finance capital is discussed, and summarized in a table. In the process, classical and neo-classical, as well as Marxist, Neo-Schumpeterian and Ecological perspectives are discussed (and summarized in the Appendix). Three levels of the economy are investigated: the financial, the real (where production of goods and services take place) and the real-real, where the physical pre-conditions for the other two are located. The conclusion is that the various sectors cannot be understood in isolation from each other, and that some of the recipes for a resumption of a healthy balance between finance and the real economy forget to anchor this vision in a clear understanding of the limits to growth suplied by Ecological Economics.
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For further information contact us at helpdesk@openaire.eu0 citations 0 popularity Average influence Average impulse Average Powered by BIP!more_vert All Research productsarrow_drop_down <script type="text/javascript"> <!-- document.write('<div id="oa_widget"></div>'); document.write('<script type="text/javascript" src="https://www.openaire.eu/index.php?option=com_openaire&view=widget&format=raw&projectId=od______1110::aa19142011553d44e4c60232896084c2&type=result"></script>'); --> </script>
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