000			03441cam a2200289 a 4500
999			_c25501 _d25501
010			_a 2012011255
020			_a9781138808249
020			_a9780203097182 (e-book)
082	0	0	_a330.15/6
100	1		_aFalahati, Kazem _946886
245	1	0	_aNew paradigms in financial economics : _bhow would Keynes reconstruct economics? _cKazem Falahati
260			_aNew York, NY : _bRoutledge, _c2014.
300			_axviii, 198 p. : _bill. ; _c24 cm.
490	1		_aRoutledge international studies in money and banking
504			_aIncludes bibliographical references (p. 185-193) and index.
520			_aThis text identifies the heuristic cause of the external and internal contradictions of the standard paradigm in economics and finance, and offers a new paradigm which can explain and predict observed economic behaviour, and resolve the extant behavioural, empirical and experimental puzzles.
520			_aThe recent global financial crisis has made the inadequacies of the scientific state of economics and finance glaringly obvious, as these disciplines gave the false reassurance that such a self-destructive phenomenon could not happen. A similar phenomenon arose in the 1930's, when the pitfalls of the dominant economic theories were sharply exposed. Since then, the same analytical framework, in its new versions, has revealed a huge number of other empirical and experimental failures. On the other hand, the founders of the currently dominant theories in economics and finance (i.e. the standard paradigm) such as Walras (1834-1910), Modigliani (1918-2003) and Miller (1923-2000) have identified mathematical contradictions within their own foundational models, the root cause of which no one has yet discovered. The standard paradigm has thus lost the reason for its existence in the light of experience, experiments and logical rigour. This book identifies the heuristic cause of these external and internal contradictions of the standard paradigm and remedies these problems by offering a new paradigm which can explain and predict observed economic behaviour, and resolve the extant behavioural, empirical and experimental puzzles. The new paradigm offers a dramatically improved understanding of economic behaviour at the micro as well as macro level of the economy within an over-arching framework comprising the real and the financial sectors. It does so in a rigorous but simple and clear way, using an axiomatic approach. It also offers policy recommendations on how the economy should be managed to avoid severe swings. It therefore is of great interest to scholars and practitioners in economics and finance.
650		0	_aFinance _925
650		0	_aInvestments _9348
650		0	_aFinance _xMathematical models _914847
650		0	_aInvestments _xMathematical models _946887
856			_uhttps://uowd.box.com/s/0ir0ubwal24hklzdjezt3nvqivsmtlf5 _zLocation Map