In Economics Rules, Dani Rodrik (2015) argues that what makes economics powerful despite the limitations of each and every model is its diversity of models. Rodrik suggests that the diversity of models in economics improves its explanatory capacities, but he does not fully explain how. I offer a...

This paper is interested to show graphically how the global financial crisis from the largest economy in the world such as U.S. can generate large economic waves on different markets (countries or regions) simultaneously and also how these large economic waves can show the fast expansion of...

We will argue that the common contrast between Neoclassical models and Austrian School is not such, if it is assumed Friedman’s 1953 text, Musgrave’s (1981), and Mäki’s MISS account of models (Models as Isolations and credible Surrogate Systems). In this context the theory of market...

Tourism is one of the growing industries in Sri Lanka in the post war development. Its contribution to the Sri Lankan economy is vital in the same context. The objective of this study is to examine the causal relationship between economic growth and tourism earning in Sri Lanka during 1977-2012....

The theoretical discourse of pluralism in this paper has paved the way for central banks research approach to accommodate variety in methodological application, which currently seem to be skewed in the direction of monism. In the interest of ensuring welfare concern for citizens is addressed in...

Financial professionals play a key role in financial markets and the financial industry as a whole. Researchers in experimental economics and finance have therefore started to employ financial professionals as experimental participants. We examine this recent development in the field by...

Levelized cost is the preferred method of evaluating various energy technologies. Yet this ubiquitous technique is rarely questioned, and its history is poorly understood. This paper traces the history of levelized cost as a method and highlights its promise and pitfalls. The levelized cost of...

We examine Ralph W. Souter's defence, in the 1930s, of Marshall's Principles against Robbins' attempt to recast economics as a ‘purely formal science of implications'. Souter elaborated on Marshall's invocations progressively to increase the realism of economic science and contrasted this...

The 2008 financial crisis has touched almost every nation around the world resulting in the loss of trillions of dollars in wealth. People began seriously questioning the fundamentals of free market system. While some blame politicians, bureaucrats, and corporate leaders for their mistaken...

This paper is interested to visualize the behavior of any economy from a multi-dimensional graphical perspective. The case study in this paper is the U.S. economy from 1929 to 2008. We like to visualize the behavior of the american economy as a whole through different periods of time in the same...