Showing 1 - 10 of 19
This paper presents evidence that accounting (or flow-of-fund) macroeconomic models helped anticipate the credit crisis and economic recession. Equilibrium models ubiquitous in mainstream policy and research did not. This study identifies core differences, traces their intellectual pedigrees,...
Persistent link: https://www.econbiz.de/10011267876
Methodological pluralism advocates balanced consideration of multiple research methods. The concept rests upon the necessity of choice in the absence of conclusive principles to guide the preference of method. Ecological economics, however, appears to be engaging in a different conception...
Persistent link: https://www.econbiz.de/10011259846
Since the neoclassical economics dominants in the literature, its scientific power can be possible sanctify by Nobel prizes. So it’s a normal process that the Nobel prizes reflect the new trends in economics. When the causal relationship between powerfull of orthodoxy and nobel prizes in...
Persistent link: https://www.econbiz.de/10005260114
Born out of the conscious effort to imitate mechanical physics, neoclassical economics ended up in the mid 20th century embracing a purely mathematical notion of rigor as embodied by the axiomatic method. This lecture tries to explain how this could happen, or, why and when the economists’...
Persistent link: https://www.econbiz.de/10009323927
Bayesian rationality is the paradigm of rational behavior in neoclassical economics. A rational agent in an economic model is one who maximizes her subjective expected utility and consistently revises her beliefs according to Bayes’s rule. The paper raises the question of how, when and why...
Persistent link: https://www.econbiz.de/10009325574
A central thesis of this paper is that social science is the study of human experience, and hence strongly conditioned by history. Modern Western political, economic and social structures have emerged as a consequence of the repudiation of religion, and are based on secular principles. Many of...
Persistent link: https://www.econbiz.de/10005836356
This paper presents evidence that accounting (or flow-of-fund) macroeconomic models helped anticipate the credit crisis and economic recession. Equilibrium models ubiquitous in mainstream policy and research did not. This study identifies core differences, traces their intellectual pedigrees,...
Persistent link: https://www.econbiz.de/10005026621
Over the past century, the institution of capital and the process of its accumulation have been fundamentally transformed. By contrast, the theories that explain this institution and process have remained largely unchanged. The purpose of this paper is to address this mismatch. Using a broad...
Persistent link: https://www.econbiz.de/10005621372
Paul .A. Samuelson, the first American Nobel laureate in Economics and the foremost academic economist of the 20th century. As a graduate student at Harvard, Samuelson studied Economics under Joseph Schumpeter, W.W. Leontief, Goldfried Haberler and the ‘American Keynes’ Alvin Hansen. He was...
Persistent link: https://www.econbiz.de/10008756519
This paper argues that the international financial crisis is just the last in a series of economic calamities produced by a type of theory that converted the economics profession from a study of real world phenomena into what in the end became mathematized ideology. While the crises themselves...
Persistent link: https://www.econbiz.de/10011107563