In this book, prominent economic researcher Pascal Blanqu� offers his theory on the effect of memory on the economic cycle and provides an analysis of stock market phenomena and their dynamics.

Placing time at the heart of the global dynamic of the financial sphere, the first part of the book provides keys to interpret the current economic system and its imbalances. Blanqu� believes that everything economic-related is reducible to a time differential. The various states of global economic balance, as well as the economic dynamics that determine that balance, are based on the value given to time, in particular, to memory and forgetfulness. This assigned value governs preferences and substitutions between goods, services, and financial assets; steers the monetary dynamics of liquidity; and ultimately determines prices and activity.

In the second part of the book, Blanqu� gives his insider's view on how the stock market really works. He describes a psychological space-time reference frame that is unique to the stock market universe. Within this reference frame, memory and forgetfulness play a major role in determining market activity and the volatility of prices.

Blanqu� concludes by expressing his concern that the resources of the financial industry are too often dedicated solely to monitoring the immediate moment in time when trading goods and assets and are not sufficiently oriented toward an understanding of the broader economic issues at stake.

� propos de l?auteur

Pascal Blanque is chief investment officer and head of institutional business for Credit Agricole, a major international asset management company. He formerly served as chief economist and head of research of a large international banking group.

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