The future of futures : the time of money in financing by Elena Esposito

By Elena Esposito

This booklet reconstructs the dynamics of economics, starting explicitly with the function and the relevance of time: funds makes use of the longer term so that it will generate current wealth. monetary markets promote and purchase hazard, thereby binding the long run. Elena Esposito explains that complicated hazard administration thoughts of based finance produce new and out of control dangers simply because they use a simplified proposal of the long run, failing to account for the way the longer term reacts to makes an attempt at controlling it. in the course of the contemporary monetary hindrance, the longer term had already been used (through securitizations, derivatives and different instruments) to the level that we had many futures, yet no open destiny on hand.

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2. THE ORDER OF TIME However, why do we use this construct of time? The mere actuality, that is, the immediate presence of the present, leaves us no freedom. Modal logic shows that, in the present, the possible and the necessary coincide, because what is could not be different5 (it will be different in the future, it could be different in the past, it can be different for another observer, but, at the moment, it is what it is, and there are no spaces of variation). To generate a certain contingency, to vary, design, correct and learn, we require a dimension that allows us to separate from the actual data and compare them to other possibilities.

They then observe the same decision in a divergent way, seeing what the decision-maker sees and what they failed to consider (for instance, that they believe a rational operation to be in play and that they are able to monitor the consequences ahead of time, while a different observer might discover that the very pretence of rationality has shortcomings and can lead to damage, or can exploit these shortcomings in order to make profits, either as a free rider or as a speculator). The risks of the decision-maker, believed to be known and controlled, are, for the observer, uncontrollable and unpredictable dangers (for the observer and/or for others).

In order to take this situation into account, however, we need ‘a completely different concept of time’,2 one that is able to valorize the capacity of systems to orient to more and more articulated spaces of inactuality as a resource, which allows for the building of constraints and ensures a form of continuity to the flow of time (a time that is built up in a present in which we do not have time, because it is instantly cancelled in the passage to another present). This is a peculiarity of our culture, a peculiarity that distinguishes our culture from ancient divinatory cultures, for example, where the past and the future were always present and merged with current events.

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