As the world economy has for better or worse become more and more dependent on the financial markets, a rethinking of the role of finance in both theory and practice is necessary. I argue that such a rethinking requires a new look at the theories of finance that is philosophical in kind. In effect, as Martha Nussbaum claims, if the absence of philosophy in economics is arguably one of the main reasons for the flaws in certain economic theories, the absence (...) of philosophy in finance is one the main reasons for the flaws in our theories on financial systems. In this paper I discuss the mutual relations and benefits between finance and philosophy. First, I examine the contribution that philosophy can offer to finance by analyzing a few critical issues in financial ontology, financial methodology and financial mathematics. I argue that philosophy is essential to enabling finance to achieve the goals for which it was designed, not only because it is a valuable external addition, but also internally, since philosophy is the proper tool for bringing about new theories and approaches. Then, I examine the contribution that finance can offer to philosophy by analyzing the relationship between theory and practice, data and hypothesis, and prediction, description and control in the context of financial systems. I argue that finance can help us to rethink some philosophical tenets on these issues. (shrink)

This article analyzes Thomas Piketty's latest book, Capital and Ideology (2020). We begin by placing the work in the context of the thesis developed by the author in his previous works, before pointing out a number of limitations. We first question Piketty's way of thinking about capitalism, before discussing his theory of ideology. Finally, we will try to define the scope and limits of Piketty's vision of overcoming capitalism, that is, his vision of a just society, a "participatory socialism", as (...) it is presented in the last chapter of the book. (shrink)

I examine the role that mathematics plays in understanding and modelling finance, especially stock markets, and how philosophy affects it. To this end, I explore how mathematics penetrates finance via physics, constructing a ‘financial physics’, and I outline the philosophical backgrounds of this process, in particular the ‘philosophy of equilibrium’ and that of critical points or ‘out-of-equilibrium’. I discuss the main characteristics and a few weaknesses of these mathematizations of financial systems, notably econometrics and econophysics, and I compare the two (...) ways, top-down and bottom-up, of building mathematical approaches to finance. The top-down approach is the most used and the most conservative. I argue that it guarantees a mathematical account, but it is less effective than the more difficult bottom-up approach, which is more appropriate and which may end up without a mathematical account of financial phenomena. I then consider two important issues raised by a mathematical approach to finance, that is, the performative and the reversing side of mathematics, and an ethics of mathematics. In the first case I argue that mathematics not only can be a performative device, but it also enables ‘reversing’ dynamics, that is, a mathematical model may become not a representational tool, but a device of social engineering—a mathematical way of investigating what are the initial conditions and processes needed to obtain an intended result. In the second case I argue that this specific relation between mathematical modelling and prediction raises an ethical question in finance, namely, a responsible construction and use of the mathematical models provided by a financial physics. (shrink)

Le présent article revient sur le dernier ouvrage de Thomas Piketty, Capital et idéologie (2019). Nous commençons par inscrire l’ouvrage dans l’argument développé par l’auteur dans ses précédents ouvrages, avant d’en souligner un certain nombre de limites. Nous questionnons d’abord la manière dont Piketty pense le capitalisme, avant d’en venir à sa théorie de l’idéologie. Enfin, nous tenterons de définir les contours et limites du projet de dépassement du capitalisme de Piketty, c’est-à-dire sa vision d’une société juste, d’un « socialisme (...) participatif », développée au dernier chapitre de l’ouvrage. (shrink)

Dans cet article, l’objectif est de montrer que l’acceptation politique et sociale des mécanismes d’appariement pour les reins mis au point par Roth, Ünver et Sönmez nous fournit de quoi comprendre le rejet de la logique marchande dans le cadre de certains biens. Nous nous pencherons particulièrement sur trois explications généralement convoquer pour expliquer ce rejet : (I) le caractère corrupteur de la monnaie, (II) l’idée selon laquelle le marché en tant que tel devrait être rejeté, et (III) l’hypothèse selon (...) laquelle le rejet du marché reposerait avant tout sur le fait que ce dernier engendrerait un rapport de domination entre l’offreur et le demandeur. Par le biais d’une analyse comparative entre les propositions de marchés aux organes (rejetées dans la plupart des pays) et les systèmes d’appariement proposés par Roth, Ünver et Sönmez (2004, 2005, 2007) - mis en place dans un grand nombre de pays - nous nuancerons ces explications au profit d’une quatrième : le marché aux organes est rejeté non pas parce qu’il génère de la domination, mais parce qu’il présuppose la vulnérabilité des offreurs potentiels : sans vulnérabilité, pas de marchés d’organes. (shrink)