|Published (Last):||6 October 2008|
|PDF File Size:||10.53 Mb|
|ePub File Size:||8.68 Mb|
|Price:||Free* [*Free Regsitration Required]|
It has been widely accepted that philosophers of science wrote a "swansong" for positivism during the second half of the 20th century. Milton Friedman and Paul Samuelson, major contributors in the field of economic methodology at the time, the argument goes, never reflected the demise. Therefore, positivist roots are still to be found in influential theoretical concepts developed by mainstream economists.
Specifically, I present the hypothesis of rational expectations and the theory of efficient markets as two significant outcomes of a "high tide" of positivist thinking in economics. However, quite a large number of scholars currently share the view that the two concepts contributed in a non-negligible manner to the development leading to the financial crisis culminating in and and should be replaced by behavioural or other approaches.
The article thus asks, in quite a novel way, if the crisis - seen by many as an empirical rejection of both the concepts - can also be seen as a milestone in the development of methodology of economics. Published: August 1, Show citation. This is an open access article distributed under the terms of the Attribution 4. No use, distribution or reproduction is permitted which does not comply with these terms. Kovanda seznam. Open full article. BIS, Basilej: Bank for International Settlements, Economic Journal.
Go to original source Modern finance, methodology and the global crisis. Real-world economics review. Positive Economics. The Canadian Journal of Economics. The future of economics: the appropriately educated in pursuit of the knowable. Cambridge Journal of Economics. In: Kolb, R. Does the stock market overreact? Journal of Finance. American Economic Review. FAMA, E. Efficient capital markets: A review of theory and empirical work.
Economic emergence: An evolutionary economic perspective. The Methodology of Positive Economics. In: Essays in Positive Economics. Chicago : University of Chicago Press, A Critique of Adaptive and Rational Expectations. Quarterly Journal of Austrian Economics. A framework for the unification of the behavioral sciences. Behavioral and Brain Sciences. Cambridge : Cambridge University Press, Knowledge shifts and the business cycle: When boom turns to bust.
Review of Austrian Economics. Journal of Financial Economics. Prospective theory: An analysis of decision under risk. Praha : Mediacop, ISBN Amos Tversky and the Ascent of Behavioral Economics. Journal of Risk and Uncertainty. Journal of Economic Literature. Economics crisis. Nature Physics. Schumpeter's Economic Methodology. The Review of Economics and Statistics.
Artistic Goals, Scientific Method and Economics. Southern Economic Journal. Unconscious herding behavior as the psychological basis of financial market trends and patterns.
The Journal of Psychology and Financial Markets. Princeton a Oxford : Princeton University Press, Bounded Rationality in Macroeconomics. Oxford : Clarendon Press, An Assessement of the Scientific Standing of Economics.
History of the Efficient Market Hypothesis. The Journal of Finance. The Sickness Beneath the Slump. New York Times, Instrumentalism in Schumpeter's Economic Methodology.
History of Political Economy. New York : Springer, Journal of Economic Education. Journal of Libertarian Studies. Return to the content.
Upload the photo, let us review it and we will upload it within 48 hours, assuming you confirm you have the photographer's permisson to have it uploaded at eliteprospects. Submit changes incorrect DOB, missing stats, incorrect stats, social media links etc using a web form and we will review your update request within 24 hours and update accordingly. Lukas Kovanda. Pronunciation Bookmark Add to Roster. Submit Photo. Update Profile Photo Go Premium to Update Profile Photo Upload the photo, let us review it and we will upload it within 48 hours, assuming you confirm you have the photographer's permisson to have it uploaded at eliteprospects. Sign up for premium.
Lukáš Kovanda - Global economics