Banking on the Present: The Ontological Rhetoric of Neo-Classical Economics and Its Relation to the 2008 Financial Crisis

Abstract

This essay performs a rhetorical criticism of neo-classical economics, with particular attention to its methodological influence on a number of faulty mathematical models that lay at the epicenter of the 2008 financial crisis. Going beyond Goodnight and Green's mimetic conception of economic rhetoric, which positions rhetoric as a site of mediation between symbolic and material spirals, we argue that the rhetoric of neo-classicism is best understood as an “apparatus” that attempts to suture two ontologically incommensurable conceptions of time that we term intensive and extensive. We further argue that the hinge of this rhetorical apparatus centers on a kairotic tactic of arbitrage, which theoretically posits, at the same time that it negates, ontological market failure. We end by exploring rhetorical alternatives to neo-classical economics that take the internally contradictory structure of arbitrage to its emergent conclusions.