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By Elena Esposito

This e-book reconstructs the dynamics of economics, starting explicitly with the function and the relevance of time: cash makes use of the long run that allows you to generate current wealth. monetary markets promote and purchase probability, thereby binding the longer term. Elena Esposito explains that complicated danger administration options of based finance produce new and out of control hazards simply because they use a simplified thought of the longer term, failing to account for a way the long run reacts to makes an attempt at controlling it. through the contemporary monetary difficulty, 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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Indd 29 17/01/2011 16:47 30 The future of futures contingency (even if I do not know what I shall need in the future, I know that I shall need money to get it, and uncertainty loses [or should lose] its threatening side). The link with the social dimension lies in the circulation of money. The loss of liquidity of the one who buys (spends money) translates into increased liquidity by the one who sells (receives money). One can rely on the fact that others will accept the money one accumulates today (at least in so far as the monetary system works) in the future (even if no one knows or can foresee how they will use it).

Thus, risk can never be avoided. I risk if I choose to take the opportunity and then things go wrong, but I also risk if I prefer to abstain, and then lose the gain. The world has nothing to say on the matter, because the issue refers to a future that does not yet exist and, as such, cannot offer either positive or negative hints. There are no norms or criteria of rationality that can guarantee that I shall not regret in the future because nothing says that, in this future that does not exist, I shall think the same way, favouring prudence or temerity at all costs, should things go badly.

Luhmann (2000), p. 161 speaks of ‘anticipatory care of memory’. Again Luhmann (1991), p. 49: ‘one can already know today that the remembered present will not be equal to the now actual present’. See Shackle (1990a), pp. 13, 22, 28–48. The physics of non-equilibrium of the 1970s–1980s expressed similar ideas in talking of irreversibility of the ‘time arrow’: see Prigogine (1985a) and (1985b). Luhmann (2000), p. 141. Luhmann distinguishes function of memory (past) and function of oscillation (future): memory stays for the presence of the past in the system and oscillation for the presence of the future: see Luhmann (2000), pp.

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