论后危机时代的中国金融自主创新--金融原子论的误区与金融工程的系统风险

On China's Independent Financial Innovation in the Post-Crisis Era——The Misconceptions of Financial Atomic Theory and the Systematic Risk of Financial Engineering

亚当·斯密开创的西方经济学建立的是经济原子论的世界观。他认为个体分工可以用市场交易的价格机制来协调,他没有看到大工业生产和技术革命的本质是创造性毁灭,必然要求政府干预市场机制的内生不稳定性。工业化时代的产业链和生态网络是不稳定的复杂系统,社会福利不等于个体企业或个人原子的利益之和。追涨杀跌的羊群行为和金融寡头操纵市场导致金融市场的暴涨暴跌。金融危机的深刻教训揭露西方主流金融学脱离实际的理论误区。后危机时代中国金融的自主创新,必须摆脱新古典金融学的理论误区,研究复杂经济学和复杂金融工程,占领国际金融的制高点。

The Western economics established by Adam Smith has created the world view of the economic atomic theory He believed that individual division of labor can be coordinated using the market price mechanism, but he did not see the destructive effect of industrial production and the technological revolution though they are essentially innovations, which inevitably requires the government to interfere with the endogenous instability of the market mechanisms. The industrial chain and ecological network in the industrial era is an unstable and complex system, and the social welfare is not equal to the sum of the interests of individual enterprises or individual atoms. The herding behavior and the manipulation by financial oligarchs lead to financial market spikes and slumps. The profound lessons of the financial crisis reveal the theoretical misconceptions taught by the Western mainstream financial studies. China＇s financial innovation in the post-crisis era must get rid of the misconceptions of the new classical financial theory, study complex economics and financial engineering, and capture the high ground of international finance.