Economics and Reality

Author: Tony Lawson

Publisher: Routledge

ISBN: 1134735103

Category: Business & Economics

Page: 384

View: 5123

'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.
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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: 9633

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 />
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Models and Reality in Economics

Author: Steven Rappaport

Publisher: Edward Elgar Pub

ISBN: 9781858985756

Category: Business & Economics

Page: 223

View: 3566

'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.
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Economics and reality

papers given at the 1974 Conference of the Economics Association at Jesus College, Oxford

Author: P. A. Maunder,Raymond H. Ryba

Publisher: N.A

ISBN: N.A

Category: Business & Economics

Page: 54

View: 8170

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Reality and Accounting

Ontological Explorations in the Economic and Social Sciences

Author: Richard Mattessich

Publisher: Routledge

ISBN: 1135207763

Category: Business & Economics

Page: 298

View: 6220

This book discusses and summarizes the revived interest in reality issues (ontology) within accounting, economics, and the information sciences, with a view to informing scholars from these different disciplines about each other’s endeavours in ontological research. Even more importantly, the book aims at familiarizing scholars from various disciplines with an evolutionary approach for examining questions about reality in the social sciences. The book is based on a partly pluralistic approach that assures unity in diversity. Unity, because all existence arises from physical reality; diversity, because emergent properties create biological and social realities that cannot be reduced to physical phenomena. Hence, the book recognizes not only concrete but also abstract entities. It shows, however, that the actualization of these abstract entities requires objectification and concrete manifestation. This pluralistic approach is central to this book. It also is a challenge to those who reject abstract entities as socially real, as well as to those who defend a non-realist position. The major task of this book is to explore proposals towards a uniform ontological basis. This uniform and universal presentation extends beyond traditional ontology (asking ‘what is real?’) to such questions as ‘on which reality level is something real?’ and ‘in which (temporal and modal) way is it real?’. Such an extended analysis) is relevant to accountants, economists, information scientists, other social scientists as well as philosophers.
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Money and Exchange

Folktales and Reality

Author: Sasan Fayazmanesh

Publisher: Routledge

ISBN: 1134423195

Category: Business & Economics

Page: 192

View: 3321

Whether a theoretical system is realistic or not has been a concern in economics, particularly in monetary theory, over the past century. Following John R. Hicks’ proposal that a realistic monetary theory could be constructed along an evolutionary path, starting with the workings of a real market, this volume considers whether we can look to the medieval economy as the point of departure. Drawing upon the work of Aristotle, scholastic economists, Adam Smith, Karl Marx, William Stanley Jevons, Léon Walras and many modern monetary theorists, this intriguing book provides a critical analysis of some basic theories of monetary analysis. Concentrating primarily on certain fundamental building blocks it covers: the theory and mathematical properties of barter and monetary relations the distinction between barter and monetary relations and money and non-money commodities the concept of exchange as an equation, and the notion of the exchange relation as a relation of equality. This groundbreaking study dispels some of the old myths and conjectures concerning money and exchange and opens up the way for the development of new approaches, both realistic and evolutionary, of interest to researchers and students of the history of monetary theory and economic thought.
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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: 7793

"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.
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Capitalism, Macroeconomics and Reality

Understanding Globalization, Financialization, Competition and Crisis

Author: James Crotty

Publisher: Edward Elgar Publishing

ISBN: 1784719021

Category:

Page: 448

View: 3279

The essays comprising this collection analyze the deep flaws in the methodological foundation of mainstream economic theory, and explain how these flaws make mainstream economics more ideology than sound social science. James Crotty develops alternative theories built on realistic assumptions that can explain most of the disastrous economic and financial developments of the past four decades. His work contributes to the collective creation of a solid theoretical foundation on which to build an understanding of the ‘laws of motion’ of capitalism in the post WWII era.
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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: 1082

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."
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Reason and Reality in the Methodologies of Economics

An Introduction

Author: Glenn Fox

Publisher: Edward Elgar Publishing

ISBN: N.A

Category: Business & Economics

Page: 142

View: 9197

'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.
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The Mediated Construction of Reality

Author: Nick Couldry,Andreas Hepp

Publisher: John Wiley & Sons

ISBN: 0745686516

Category: Social Science

Page: 256

View: 6609

Social theory needs to be completely rethought in a world of digital media and social media platforms driven by data processes. Fifty years after Berger and Luckmann published their classic text The Social Construction of Reality, two leading sociologists of media, Nick Couldry and Andreas Hepp, revisit the question of how social theory can understand the processes through which an everyday world is constructed in and through media. Drawing on Schï¿1⁄2tz, Elias and many other social and media theorists, they ask: what are the implications of digital mediaï¿1⁄2s profound involvement in those processes? Is the result a social world that is stable and liveable, or one that is increasingly unstable and unliveable?
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Models.Behaving.Badly.

Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life

Author: Emanuel Derman

Publisher: Simon and Schuster

ISBN: 1439165017

Category: Science

Page: 240

View: 6219

Now in paperback, “a compelling, accessible, and provocative piece of work that forces us to question many of our assumptions” (Gillian Tett, author of Fool’s Gold). Quants, physicists working on Wall Street as quantitative analysts, have been widely blamed for triggering financial crises with their complex mathematical models. Their formulas were meant to allow Wall Street to prosper without risk. But in this penetrating insider’s look at the recent economic collapse, Emanuel Derman—former head quant at Goldman Sachs—explains the collision between mathematical modeling and economics and what makes financial models so dangerous. Though such models imitate the style of physics and employ the language of mathematics, theories in physics aim for a description of reality—but in finance, models can shoot only for a very limited approximation of reality. Derman uses his firsthand experience in financial theory and practice to explain the complicated tangles that have paralyzed the economy. Models.Behaving.Badly. exposes Wall Street’s love affair with models, and shows us why nobody will ever be able to write a model that can encapsulate human behavior.
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Economists and the Powerful

Convenient Theories, Distorted Facts, Ample Rewards

Author: Norbert Häring,Niall Douglas

Publisher: Anthem Press

ISBN: 0857284592

Category: Business & Economics

Page: 246

View: 9686

“Economists and the Powerful: Convenient Theories, Distorted Facts, Ample Rewards” explores the workings of the modern global economy – an economy in which competition has been corrupted and power has a ubiquitous influence upon economic behavior. Based on empirical and theoretical studies by distinguished economists from both the past and present day, this study argues that the true workings of capitalism are very different from the popular myths voiced in mainstream economics. Offering a closer look at the history of economic doctrines – as well as how economists are incentivized – “Economists and the Powerful” exposes how, when and why the theme of power was erased from the radar screens of mainstream economic analysis – and the influence this subversive removal has had upon the modern financial world.
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Economics versus Reality

How to be Effective in the Real World in Spite of Economic Theory

Author: John M Legge

Publisher: Routledge

ISBN: 1351295667

Category: Business & Economics

Page: 336

View: 7321

John M. Legge shows the many ways in which the real world diverges from economics textbooks. He argues that mainstream economic theory took a disastrous turn 140 years ago, when it attempted to use calculus to explain human behaviour. A real economy involves people who are not variables in equations. This error led to a second, mainstream economics becoming obsessed with equilibrium. However, constant change is the reality and one cannot explain the present without understanding the path taken to get here. This book presents economics in historical context. It includes a short account of the contributions by some of the key figures in economic theory, starting with Adam Smith. Smith placed great weight on morality: he believed that economic activity took place in a society and could not be justified except insofar as it advanced the interests of that society. Too many economists have come to believe that the interests of society can be measured by a number: that if a policy change raises GDP it is justified, whatever its impact on people.Legge places the economy within society, and society within the environment, explaining that every significant decision has a social and environmental impact, as well as an economic dimension. Seeking to provide answers to students, professional business managers, and those interested in the political process, this work addresses the gap between theory and reality.
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Advice and Dissent

Why America Suffers When Economics and Politics Collide

Author: Alan S. Blinder

Publisher: Basic Books

ISBN: 046509418X

Category: Business & Economics

Page: 368

View: 1515

A bestselling economist tells us what both politicians and economists must learn to fix America's failing economic policies American economic policy ranks as something between bad and disgraceful. As leading economist Alan S. Blinder argues, a crucial cultural divide separates economic and political civilizations. Economists and politicians often talk--and act--at cross purposes: politicians typically seek economists' "advice" only to support preconceived notions, not to learn what economists actually know or believe. Politicians naturally worry about keeping constituents happy and winning elections. Some are devoted to an ideology. Economists sometimes overlook the real human costs of what may seem to be the obviously best policy--to a calculating machine. In Advice and Dissent, Blinder shows how both sides can shrink the yawning gap between good politics and good economics and encourage the hardheaded but softhearted policies our country so desperately needs.
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Economics of Good and Evil

The Quest for Economic Meaning from Gilgamesh to Wall Street

Author: Tomas Sedlacek

Publisher: Oxford University Press

ISBN: 0199830614

Category: Business & Economics

Page: 376

View: 5177

Tomas Sedlacek has shaken the study of economics as few ever have. Named one of the "Young Guns" and one of the "five hot minds in economics" by the Yale Economic Review, he serves on the National Economic Council in Prague, where his provocative writing has achieved bestseller status. How has he done it? By arguing a simple, almost heretical proposition: economics is ultimately about good and evil. In The Economics of Good and Evil, Sedlacek radically rethinks his field, challenging our assumptions about the world. Economics is touted as a science, a value-free mathematical inquiry, he writes, but it's actually a cultural phenomenon, a product of our civilization. It began within philosophy--Adam Smith himself not only wrote The Wealth of Nations, but also The Theory of Moral Sentiments--and economics, as Sedlacek shows, is woven out of history, myth, religion, and ethics. "Even the most sophisticated mathematical model," Sedlacek writes, "is, de facto, a story, a parable, our effort to (rationally) grasp the world around us." Economics not only describes the world, but establishes normative standards, identifying ideal conditions. Science, he claims, is a system of beliefs to which we are committed. To grasp the beliefs underlying economics, he breaks out of the field's confines with a tour de force exploration of economic thinking, broadly defined, over the millennia. He ranges from the epic of Gilgamesh and the Old Testament to the emergence of Christianity, from Descartes and Adam Smith to the consumerism in Fight Club. Throughout, he asks searching meta-economic questions: What is the meaning and the point of economics? Can we do ethically all that we can do technically? Does it pay to be good? Placing the wisdom of philosophers and poets over strict mathematical models of human behavior, Sedlacek's groundbreaking work promises to change the way we calculate economic value.
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Brain, Mind, and the Structure of Reality

Author: Paul L. Nunez

Publisher: Oxford University Press, USA

ISBN: 019534071X

Category: Medical

Page: 306

View: 6920

Does the brain create the mind, or is some external entity involved? In addressing this nullhard problemnull of consciousness, we face a central human challenge: what do we really know and how do we know it? Tentative answers in this book follow from a synthesis of profound ideas, borrowed from philosophy, religion, politics, economics, neuroscience, physics, mathematics, and cosmology, the knowledge structures supporting our meager grasps of reality. This search for new links in the web of human knowledge extends in many directions: the nullshadowsnull of our thought processes revealed by brain imagining, brains treated as complex adaptive systems that reveal fractal-like behavior in the brain's nested hierarchy, resonant interactions facilitating functional connections in brain tissue, probability and entropy as measures of human ignorance, fundamental limits on human knowledge, and the central role played by information in both brains and physical systems. In Brain, Mind, and the Structure of Reality, Paul Nunez discusses the possibility of deep connections between relativity, quantum mechanics, thermodynamics, and consciousness: all entities involved with fundamental information barriers. Dr Nunez elaborates on possible new links in this nested web of human knowledge that may tell us something new about the nature and origins of consciousness. In the end, does the brain create the mind? Or is the Mind already out there? You decide.
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Religion and Reality TV

Faith in Late Capitalism

Author: Mara Einstein,Diane Winston,Katherine Madden

Publisher: Routledge

ISBN: 113479214X

Category: Religion

Page: 210

View: 9748

Why is reality television flourishing in today's expanding media market? Religion and Reality TV: Faith in Late Capitalism argues that the reality genre offers answers to many of life's urgent questions: Why am I important? What gives my life meaning? How do I present my best self to the world? Case studies address these questions by examining religious representations through late capitalist lenses, including the maintenance of the self, the commodification of the sacred, and the performance of authenticity. The book's 14 essays explore why religious themes proliferate in reality TV, audiences' fascination with "lived religion," and the economics that make religion and reality TV a successful pairing. Chapters also consider the role of race, gender and religion in the production and reception of programming. Religion and Reality TV provides a framework for understanding the intersection of celebrity, media attention, and American beliefs and values. The book will be of interest to students and scholars of religion and media studies, communication, American studies, and popular culture.
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The Provoked Economy

Economic Reality and the Performative Turn

Author: Fabian Muniesa

Publisher: Routledge

ISBN: 1135090025

Category: Social Science

Page: 170

View: 2028

Do things such as performance indicators, valuation formulas, consumer tests, stock prices or financial contracts represent an external reality? Or do they rather constitute, in a performative fashion, what they refer to? The Provoked Economy tackles this question from a pragmatist angle, considering economic reality as a ceaselessly provoked reality. It takes the reader through a series of diverse empirical sites – from public administrations to stock exchanges, from investment banks to marketing facilities and business schools – in order to explore what can be seen from such a demanding standpoint. It demonstrates that descriptions of economic objects do actually produce economic objects and that the simulacrum of an economic act is indeed a form of realization. It also shows that provoking economic reality means facing practical tests in which what ought to be economic or not is subject to elaboration and controversy. This book opens paths for empirical investigation in the social sciences, but also for the philosophical renewal of the critique of economic reality. It will be useful for students and scholars in social theory, sociology, anthropology, philosophy and economics.
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