Good Finance: Why We Need a New Concept of Finance

Good finance is essential for social and economic wellness, and Vedat Akgiray offers a timely critique of extreme financialization, flawed modeling approach, and blind faith in the efficient market hypothesis.

\n Format: Paperback / softback
\n Length: 162 pages
\n Publication date: 05 June 2019
\n Publisher: Bristol University Press
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Good finance is essential for social and economic well-being, just as good food is essential for good health. In his book, Vedat Akgiray provides a timely critique of extreme financialization, the flawed modeling approach of the economics profession, and the blind faith in the efficient market hypothesis. He outlines the causes of financial crises and their socioeconomic effects, providing a clear platform for revising our current concept of finance for the benefit of society.

The book begins by examining the origins of financialization, which Akgiray argues has led to a concentration of wealth and power in the hands of a few. He criticizes the dominant economic paradigm, which he sees as promoting short-term profits over long-term sustainability and social well-being. Akgiray argues that the pursuit of profit has led to a disregard for environmental and social concerns, and has contributed to the emergence of financial crises.

The book also takes a critical look at the modeling approach of the economics profession. Akgiray argues that the profession has been too focused on mathematical models and abstract theories, rather than on empirical evidence and real-world experiences. He criticizes the use of the efficient market hypothesis, which assumes that market prices reflect all available information and that markets are always efficient, as a basis for economic policy.

Akgiray argues that the blind faith in the efficient market hypothesis has led to a lack of accountability and transparency in the financial system. He suggests that the financial industry should be more regulated and that investors should be held responsible for their decisions. Akgiray also advocates for a more holistic approach to finance, which considers the social and environmental impacts of financial decisions.

The book concludes by offering a revised concept of finance that is more aligned with social and economic well-being. Akgiray suggests that finance should be used to promote sustainable development, reduce inequality, and promote social cohesion. He advocates for a more democratic and inclusive financial system that is accountable to the public and that provides access to financial services for all.

Good Finance is a thought-provoking and important book that provides a critical analysis of the current financial system and offers a vision for a more sustainable and equitable future. It is a must-read for anyone interested in understanding the roots of financial crises and the challenges facing our society.

\n Weight: 180g\n
Dimension: 172 x 120 x 9 (mm)\n
ISBN-13: 9781529200003\n \n