[OPE] Ludwig von Mises on the ‘Artificial Market’.

From: Alejandro Agafonow (alejandro_agafonow@yahoo.es)
Date: Fri Mar 07 2008 - 07:25:07 EST

James A. Yunker. “Ludwig von Mises on the ‘Artificial Market’”, Comparative Economic Studies, Vol. 32, Nº 1, 1990, pp. 108-140.
The principal problem with Mises’ argument is that it overlooks the important role played by institutional investors in modern capital markets. It rather envisions financial capital being provided to firms exclusively by private capitalists. In actual facts, non-financial firms, in the sale of stock and bond issues and suchlike transactions for obtaining investment capital, deal as much or more with institutional investors such as investment banks, insurance companies and pension funds, as they do with individual investors. The loan officers and investment analysts of these institutional investors receive as personal income only a tiny fraction of the property return generated by the investments they make, and yet the performance of institutional investors in these markets is on the whole at least comparable, and probably superior, to that of private investors. (pp. 125-126)
Alejandro Agafonow

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