2 2 217-24 2016

Model hagiography: A reply to Johnson and Munger on probability, philosophy and transcendental argumentation

Jon Roffe


In his review of my recent book, Abstract Market Theory, Johnson mistakes my investigation into the conditions and limits of probabilistic reasoning as a rejection of its sense and utility. The same misunderstanding also appears in a review by Munger published recently. In both cases this leads to a skewed and reductive understanding of my reconception of the relationship between price and value. In this response, I present an outline of the philosophical goals of Abstract Market Theory. My intent is not just to show that these reviews are incorrect in their presentation of my argument, but to also indicate why a philosophical perspective remains indispensable for our understanding of the market.


Abstract market theory, possibility, philosophy, transcendental illusion

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Ayache, E. (2010) The Blank Swan: The End of Probability. Chichester: Wiley & Sons.

Ayache, E. (2015) The Medium of Contingency: An Inverse View of the Market. New York, NY: Palgrave Macmillan.

Bergson, H. (2002) The possible and the real. In Ansell-Pearson, K. and J. Mullarkey (eds.) Bergson: Key Writings. London: Continuum, 223-232.

Johnson, T. (2016) The necessity of multi-disciplinary scholarship for finance: On Ayache and Roffe. Finance and Society, 2(2): 189-204.

Knight, F. (2014). Risk, Uncertainty, and Profit. Eastford, CT: Martino Fine Books.

Laplace, P-S. (1902) A Philosophical Essay on Probabilities, trans. F. Truscott and F. Emory. London: John Wiley and Sons.

Meillassoux, Q. (2008) After Finitude: An Essay on the Necessity of Contingency, trans. R. Brassier. London: Continuum.

Munger, M. (2016) Review of Abstract Market Theory. Notre Dame Philosophical Review. Available at: . Accessed 14 October 2016.

Roffe, J. (2012) Time and ground: A critique of Meillassoux’s speculative realism. Angelaki, 17(1): 57-67.

Roffe, J. (2015) Abstract Market Theory. Basingstoke: Palgrave.

DOI: https://doi.org/10.2218/finsoc.v2i2.1735


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