Economics and Reality

Author: Tony Lawson

Publisher: Psychology Press

ISBN: 9780415154208

Category: Business & Economics

Page: 364

View: 6815

'No reality please. We're economists'. There is a wide spread belief that modern economics is irrelevant to the understanding of the real world. In a controversial and original study, Tony Lawson argues that the root of this irrelevance is in the failure of economists to find methods and tools which are appropriate for the social world it addresses. Supporting his argument with a wide range of examples, Tony Lawson offers a provocative account of why economics has gone wrong and how it can be put back on track.

Modern Classical Economics and Reality

A Spectral Analysis of the Theory of Value and Distribution

Author: Theodore Mariolis,Lefteris Tsoulfidis

Publisher: Springer

ISBN: 4431550046

Category: Political Science

Page: 242

View: 8786

This book presents an in-depth, novel, and mathematically rigorous treatment of the modern classical theory of value based on the spectral analysis of the price–profit–wage rate system. The classical theory is also subjected to empirical testing to show its logical consistency and explanatory content with respect to observed phenomena and key economic policy issues related to various multiplier processes. In this context, there is an examination of the trajectories of relative prices when the distributive variables change, both theoretically and empirically, using actual input–output data from a number of quite divers e economies. It is suggested that the actual economies do not behave like the parable of a one-commodity world of the traditional neoclassical theory, which theorizes the relative scarcities of “goods and production factors” as the fundamental determinants of relative prices and their movement. By contrast, the results of the empirical analysis are fully consistent with the modern classical theory, which makes the intersectoral structure of production and the way in which net output is distributed amongst its claimants the fundamental determinants of price magnitudes. At the same time, however, these results indicate that only a few vertically integrated industries (“industry core” or “hyper-basic industries”) are enough to shape the behaviour of the entire economy in the case of a disturbance. This fact is reduced to the skew distribution of the eigenvalues of the matrices of vertically integrated technical coefficients and reveals that, across countries and over time, the effective dimensions of actual economies are surprisingly low. Normal 0 false false false EN-US JA X-NONE />

Theory and Reality in Financial Economics

Essays Toward a New Political Finance

Author: George M. Frankfurter

Publisher: World Scientific

ISBN: 9812770003

Category: Business & Economics

Page: 215

View: 3981

The current literature on financial economics is dominated by neoclassical dogma and, supposedly, the notion of value-neutrality. However, the failure of neoclassical economics to deal with real financial phenomena suggests that this might be too simplistic of an approach. This book consists of a collection of essays dealing with financial markets'' imperfections, and the inability of neoclassical economics to deal with such imperfections. Its central argument is that financial economics, as based on the tenets of neoclassical economics, cannot answer or solve the real-life problems that people face. It also shows the direct relationship between economics and politics OCo something that is usually denied in academic models, given that science is supposed to be value-neutral. In this thought-provoking and avant-garde book, the author not only exposes what has gone wrong, but also suggests reforms to both the academic and the political-economic systems that might help make markets fair rather than efficient. Drawing on interdisciplinary fields, this book will appeal to readers who are interested in finance, economics, business, the political economy and philosophy. Sample Chapter(s). Foreword (37 KB). Chapter 1: Method and Methodology (146 KB). Contents: Method and Methodology; What is All Efficiency?; Still Autistic Finance; The Young Finance Faculty''s Guide to Publishing; Prolific Authors in Finance; For-Profit Education: An Idea That Should be Put to Rest?; Weep Not for Microsoft: Monopoly''s Fatal Exception; The Socio-Economics of Scandals; Desperately Seeking Toto; And Now for Something Entirely Different; After the Ball; Capitalism or Industrial Fiefdom; The Theory of Fair Markets (TFM): Toward a New Finance Paradigm. Readership: Graduate students of finance; students of economics, economic methodology and philosophy of science."

Applied Economics and the Critical Realist Critique

Author: Paul Downward

Publisher: Routledge

ISBN: 1134497598

Category: Business & Economics

Page: 320

View: 9202

This intriguing new book examines and analyses the role of critical realism in economics and specifically how this line of thought can be applied to the real world. With contributions from such varying commentators as Sheila Dow, Wendy Olsen and Fred Lee, this new book is unique in its approach and will be of great interest to both economic methodologists and those involved in applied economic studies.

Models and Reality in Economics

Author: Steven Rappaport

Publisher: Edward Elgar Pub

ISBN: 9781858985756

Category: Business & Economics

Page: 223

View: 9266

'Models and Reality in Economics is a welcome addition to the literature on economic methodology. . . . Rappaport takes no philosophical short-cuts and adheres to a much higher standard of philosophical rigor than is characteristic of work on economic methodology. . . . This is a fine book that all those seriously interested in economic methodology should study.' - Daniel Hausman, the Economic Journal 'Models and Reality in Economics is without doubt a significant contribution to what is perhaps the key methodological problem in contemporary economics. . . . It is a book that deserves to be read.' - Roger E. Backhouse, the Manchester School '. . . is a welcome addition to the literature on economic methodology. . . . Models and Reality in Economics is a fine book that all those seriously interested in economic methodology should study.' - Journal of Economic Literature Models and Reality in Economics is an important contribution to the philosophy of economics and the conduct of inquiry in economics. It examines what economists do and what economics is about.

Post-Modernism, Economics and Knowledge

Author: Jack Amariglio,Stephen E Cullenberg,David F Ruccio

Publisher: Routledge

ISBN: 1134836686

Category: Business & Economics

Page: 512

View: 2702

Only in the past twenty years have debates surrounding modernism and postmodernism begun to have an impact on economics. This new way of thinking rejects claims that science and mathematics provide the only models for the structure of economic knowledge. This ground-breaking volume brings together the essays of top theorists including Arjo Klamer, Deirdre McCloskey, Julie Nelson, Shaun Hargreaves-Heap and Philip Mirowski on a diverse range of topics such as gender, postcolonial theory and rationality as well as postmodernism.

Fact and Fiction in Economics

Models, Realism and Social Construction

Author: Uskali Mäki

Publisher: Cambridge University Press

ISBN: 9780521009577

Category: Business & Economics

Page: 384

View: 8440

This collection provides a thoughtful overview of the debate about the status of economic knowledge.

Economic theory and reality

selected essays on their disparities and reconciliation

Author: Tibor Scitovsky

Publisher: Edward Elgar Pub


Category: Business & Economics

Page: 243

View: 5026

It is a book that is well worth having on the shelf. Economic theorists (macro and mirco), applied economists and welfare economists, and even economic consultants, have all much to gain from reading this book and returning to it at regular intervals. It will remind them all of some fundamental truths and confusions that the economics profession has to deal with. John Stark, The Business Economist His ability to remain original, thought-provoking and succinct, and to maintain his curiosity for so long, must be the envy of us all. Maurice Scott, The Economic Journal Economic Theory and Reality presents Tibor Scitovsky s latest thinking on the relationship between economic theory and economic reality. This volume features discussion of many of the important theoretical contributions made to economics over the last 40 years including the Keynesian revolution and the ideas of Lerner, Steindl, Hirsch, Frank and many others who extended and enhanced the economist s toolbox. Professor Scitovsky s attempt to make economic theory more realistic and thereby more useful is the subject of the first part of the volume which includes his work on the necessity of asymmetric markets, some market power and righteous behaviour as conditions of a progressive and properly functioning market economy. The second major theme is the shortcomings of the real-world economy and, in particular, its failure to maintain macroequilibrium, price stability and full employment. This part includes examinations of inflexible wages and prices, excessive claims, positional goods, and the impact of second-hand markets on the macroeconomy. Economic Theory and Reality improves access to Professor Scitovsky s most important recent work, much of which was originally published either in foreign languages or outside the mainstream literature. As well as improving our understanding of his approach to economics and the contributions which he has made to scholarship, this book addresses key questions about the relevance of economic theory and its future direction.

Arab Economic Integration

Between Hope and Reality

Author: Ahmed Galal,Bernard M. Hoekman

Publisher: Brookings Institution Press

ISBN: 9780815796015

Category: Political Science

Page: 170

View: 1922

Improving the economic performance of Arab countries is now more critical than ever. The region faces high population growth rates, rising unemployment, and modest economic growth coupled with increasingly intense competition from emerging markets in eastern Europe, Latin America, and Asia. Meeting these challenges requires finding ways to overcome political obstacles that impede socially beneficial economic reforms. Despite fifty years of repeated attempts at Arab economic integration, the results in terms of intraregional trade and investment flows have been very modest. This book explains why and discusses possible ways forward. The authors draw especially on the success of the European Union to assess the scope of Arab economic integration as an instrument for narrowing the persistent gap between the region¡¯s economic potential and its performance.

Ontology and Economics

Tony Lawson and His Critics

Author: Edward Fullbrook

Publisher: Routledge

ISBN: 1134024193

Category: Business & Economics

Page: 384

View: 8571

Tony Lawson has become a major figure of intellectual controversy on the back of juxtaposing two relatively simple and seemingly innocuous ideas. He has argued firstly that success in science depends on finding and using methods, including modes of reasoning, appropriate to the nature of the phenomena being studied, and also that there are important differences between the nature of the objects of study of natural sciences and those of social science. This original book brings together some of the world's leading critics of economics orthodoxy to debate Lawson's contribution to the economics literature. The debate centres on ontology, which means enquiry into the nature of what exists, and in this collection scholars such as Bruce Caldwell, John B. Davis and Geoffrey M. Hodgson present their thoughtful criticisms of Lawson's work. Lawson himself presents his reactions to these criticisms, with full chapter replies to each of the scholars included. This book is particularly useful for students and researchers concerned primarily with methodology and future development of economics. It is also relevant to the concerns of philosophers of science and to all social scientists interested in methodological issues.

Reason and Reality in the Methodologies of Economics

An Introduction

Author: Glenn Fox

Publisher: Edward Elgar Publishing


Category: Business & Economics

Page: 142

View: 7029

'Economists are producers of economic knowledge. But what is the relation of that knowledge to the object of inquiry and to the mode of analysis? the status of a statement of knowledge depends on the positions economists accept in such matters. But economists have quite different perceptions of both the object of inquiry and their mode (s) of analysis. Glenn Fox presents the issues and the positions involved in these matters in a rich and lucid manner. His book is a superb introduction to methodological issues for the beginner and a suggestive review for the specialist.' - Warren J. Samuels, Michigan State University, US This highly original new book examines the scientific status of economics from the perspective of practising economists. It studies how they evaluate their theories, the relationship between those theories and the phenomena they are intended to represent, and the philosophy, methodology and scientific credentials of economics. It examines the tension between economics as the logic of rational choice and as a predictive science, that is reason and reality respectively.

Der Campus der Wirtschaftsuniversität Wien. Vienna University of Economics and Business Campus

Stadt - Architektur - Nutzer. City - Architecture - User

Author: Matthias Boeckl

Publisher: Birkhäuser

ISBN: 3990436465

Category: Architecture

Page: 160

View: 5380

In just four years a modern campus has come into being for the Vienna University of Economics and Business. The master plan by BUSarchitektur provides an urban “oasis with pavilions in the garden”. The buildings by Zaha Hadid Architects,BUSarchitektur, Atelier Hitoshi Abe, CRAB studio, Estudio Carme Pinós and NO.MAD Arquitectos interact like an orchestra, harmonized and dynamized by a“walk along park” which lends the campus a lounge character.

Reality and Rhetoric

Studies in the Economics of Development

Author: P. T. Bauer,Peter Tamas Bauer

Publisher: Harvard University Press

ISBN: 9780674749474

Category: Business & Economics

Page: 192

View: 3988

"This book is the culmination of P.T. Bauer's observations and reflections on Third World economies over a period of thirty years. He critically examines the central issues of market cersus centrally planned economies, industrial development, official direct and multi-national resource transfers to the Third World, immigation policy in the Third World, and economic methodology."--Back cover.

Platform Economics

Rhetoric and Reality in the "Sharing Economy"

Author: Cristiano Codagnone,Athina Karatzogianni,Jacob Matthews

Publisher: Emerald Group Publishing

ISBN: 1787438104

Category: Business & Economics

Page: 230

View: 3478

Platform Economics tackles head on the rhetoric surrounding the so-called “sharing economy”, which has muddied public debate and has contributed to a lack of policy and regulatory intervention.

Dialectics of the Concrete

A Study on Problems of Man and World

Author: K. Kosík

Publisher: Springer Science & Business Media

ISBN: 9401015201

Category: Science

Page: 164

View: 905

Kosik writes that the history of a text is in a certain sense the history of its interpretations. In the fifteen years that have passed since the fust (Czech) edition of his Dialectics of the Concrete, this book has been widely read and interpreted throughout Europe, in diverse centers of scholarship as well as in private studies. A faithful English language edition is long overdue. This publication of KosIk's work will surely provoke a range of new interpretations. For its theme is the characterization of science and of rationality in the context of the social roots of science and the social critique which an appropriately rational science should afford. Kosik's question is: How shall Karl Marx's understanding of science itself be understood? And how can it be further developed? In his treatment of the question of scientific rationality, Kosik drives bluntly into the issues of gravest human concern, not the least of which is how to avoid the pseudo-concrete, the pseudo-scientific, the pseudo-rational, the pseudo historical. Starting with Marx's methodological approach, of "ascending from the abstract to the concrete", Kosik develops a critique of positivism, of phenomenalist empiricism, and of "metaphysical" rationalism, counter posing them to "dialectical rationalism". He takes the category of the concrete in the dialectical sense of that which comes to be known by the active transformation of nature and society by human purposive activity.

Transforming Economics

Perspectives on the Critical Realist Project

Author: Paul Lewis

Publisher: Psychology Press

ISBN: 0415369665

Category: Business & Economics

Page: 311

View: 2821

Economics has become polarised. On the one hand there is a body of economists who concern themselves with progressing their discipline via an increasing use of mathematical modelling. On the other hand, there are economists who believe passionately that in order for economics to be useful it needs to take account of its history, its impact on society and its real world applications. The contributors to this book fix their scholarly glare on the heterodox section of economics, and in particular upon critical realist approaches to the subject. Experts from a variety of perspectives have come together in these pages to examine the impact and usefulness of critical realism in relation to the different spheres within economics. Notable for its contributions from such distinguished figures as Clive Granger, Edward J. Nell and Peter J. Boettke - this book deserves to find a ready audience across the economics spectrum.

The End of the Economic Miracle

Appearance and Reality in Economic Development

Author: Ferenc Jánossy

Publisher: Routledge

ISBN: 1317271017

Category: Business & Economics

Page: 270

View: 4700

Originally published in 1971, this report presents Dr Jánossy’s attempt to demonstrate that all post-war economic ‘miracles’ lasted only until production levels reached the levels they should have done had there been no war and concludes that economic development is extremely consistent. Jánossy also provides a detailed growth theory which suggests that this consistency is reached purely by the development of mankind and occupational structure rather than research or capital development. This title will be of interest to students of Business and Economics.

Law and Economics

Alternative Economic Approaches to Legal and Regulatory Issues

Author: Margaret Oppenheimer,Nicholas Mercuro

Publisher: M.E. Sharpe

ISBN: 9780765613318

Category: Business & Economics

Page: 448

View: 2143

The economic analysis of legal and regulatory issues need not be limited to the neoclassical economic approach. The expert contributors to this work employ a variety of heterodox legal-economic theories to address a broad range of legal issues. They demonstrate how these various approaches can lead to very different conclusions concerning the role of the law and legal intervention in a wide array of contexts. The schools of thought and methodologies represented here include institutional economics, new institutional economics, socio-economics, social economics, behavioral economics, game theory, feminist economics, Rawlsian economics, radical economics, Austrian economics, and personalist economics. The legal and regulatory issues examined include anti-trust and competition, corporate governance, the environment and natural resources, land use and property rights, unions and collective bargaining, welfare benefits, work-time regulation and standards, sexual harassment in the workplace, obligations of employers and employees to each other, crime, torts, and even the structure of government. Each contributor brings a different emphasis and provides thoughtful, sometimes provocative analysis and conclusions. Together, these heterodox insights will provide valuable supplementary reading for courses in law and economics as well as public policy and business courses at both the graduate and undergraduate levels.

Development Economics

Nature and Significance

Author: Syed Nawab Haider Naqvi

Publisher: SAGE

ISBN: 9780761996293

Category: Business & Economics

Page: 269

View: 2288

Development economics has traditionally been looked down upon by neo-classical economic theorists. In this important book, Professor Naqvi sets the record straight and maintains that development economics is actually a new paradigm, rich in predictive power and empirical content, which is both wider and deeper than mainstream economics. He holds that development economics has an innate comparative advantage because it asks relevant questions about the vital problems of human existence--inequity, social injustice, poverty and human deprivation--and offers feasible answers.