scholarly journals METHODOLOGICAL PRINCIPLE OF BUDDHISM AS AN ALTERNATIVE APPROACH IN MODERN ECONOMIC THEORY

2017 ◽  
Vol 9 (2) ◽  
pp. 15-26
Author(s):  
Daria Pokaninova
Keyword(s):  
Economic Theory ◽  
Economic Behavior ◽  
Limited Resources ◽  
Methodological Principle ◽  
Neoclassical Economics ◽  
Economic Factors ◽  
Alternative Approach ◽  
Modern Economic ◽  
Alternative Theories ◽  
Four Noble Truths

The article discusses the provisions of Buddhist economics as an alternative approach in modern economic theory. These provisions are derived from the basic doctrines of Buddhism such as the Four Noble Truths and the Noble Eightfold Path. The article also contains a comparison of Buddhist economics and neoclassical economics, which leads to the conclusion that Buddhist economics pays more attention to the issues of limited resources, accounting for non-economic factors of economic behavior, improving the welfare of society and externalities. These factors are relevant for the modern economics and are also considered by representatives of other alternative theories.

scholarly journals DEVELOPMENT OF MARGINALISM IDEAS AND THEIR REFLECTION IN DOMESTIC ECONOMIC THOUGHT

2021 ◽  
Author(s):  
Liudmyla Krot
Keyword(s):  
Economic Theory ◽  
Economic Thought ◽  
Economic Behavior ◽  
Economic Research ◽  
Wide Field ◽  
Labor Theory Of Value ◽  
Labor Theory ◽  
World Economic ◽  
Modern Economic ◽  
Theory Of Value

In the conditions of transformational shifts and construction of the national competitive economy of Ukraine, society is a particularly attractive object for socio-economic research. The necessity of deep theoretical comprehension of the processes that take place and determination of the directions of further development of the domestic economy through the reference to the historical experience of studying market transformations by domestic economists is substantiated. There is a tendency of revival of scientific interest in historical and economic research in modern economic theory, where Ukrainian economic thought opens a wide field for scientific research. The aim of the article is to study the development of the ideas of marginalism and their reflection in the domestic economic thought in the works of representatives of the Kyiv School of Economics. The article presents the evolution of the theoretical and methodological foundations of the stages of the marginal revolution. It is noted that in Ukraine there were also powerful scientific centers of marginal orientation. It is claimed that the Kyiv School of Economics, headed by M. H. Bunge and D. I. Pikhno, initiated the subjective-psychological direction of political economy in Ukraine. It is determined that the peculiarity of O. Bilimovich's scientific thought was the complete denial of the labor theory of value. The article states that MI Tugan-Baranovsky has the primacy in the deep substantiation and creation of the synthesis of the labor theory of value and theories of marginal utility. It is noted that the combination of objective and subjective approaches on a methodological basis allowed him to avoid one-sided economic research. It is emphasized that the views of M. Tugan-Baranovsky in this problem were characterized by both undeniably powerful and theoretically weak aspects. Based on the study, it was concluded that marginalism as a powerful direction in the development of world economic theory had its own peculiarities of perception and development in Ukrainian economic thought of the second half of the nineteenth - early twentieth century. Research has revealed a critical perception of methodological individualism as a characteristic feature of the scientific tools of marginalism. It is noted that the fundamental ideas of marginalism in the Ukrainian economic thought of the second half of the XIX - early XX centuries. combined with the methods of the new historical and social schools. The article notes that at that time Ukrainian scientists took into account the influence of non-economic factors on the economic behavior of economic entities,

Economics With a Human Face?

2011 ◽  
Author(s):  
Francesco Boldizzoni
Keyword(s):  
Economic Theory ◽  
Social Science ◽  
Alternative Interpretation ◽  
Neoclassical Economics ◽  
Human Face ◽  
Karl Polanyi ◽  
Science History ◽  
Social Science History ◽  
The Social ◽  
Modern Economic

The major misunderstanding about cliometrics comes from the subsequent spread of Douglass North's new institutional approach. North claims to have challenged traditional economic theory, which he found inadequate. This chapter shows how this approach, besides being patently unhistorical, rests on flimsy foundations. In order to do so, it draws on a variety of evidence from the social and historical sciences. It also compares North's synthesis with the example of social science history offered by Moses Finley, the eminent ancient economic historian. Finley made a powerful argument against the application of modern economic theory to the past. Furthermore, he developed an alternative interpretation for the origin of institutions, rigorously demonstrating the logical precedence of society over the economy. The chapter begins by considering the criticism that Karl Polanyi made against neoclassical economics in the mid-twentieth century. In fact, both North's and Finley's works can be read as a response to Polanyi.

scholarly journals Behavioral Economic Theory: a Methodological Breakthrough or Extension of the Boundaries of Dominant Orthodoxy?

2019 ◽  
pp. 28-33
Author(s):  
O. Nesterenko ◽  
M. Zdvizova
Keyword(s):  
Economic Theory ◽  
Interdisciplinary Approach ◽  
Economic Behavior ◽  
Behavioral Approach ◽  
Ordinary People ◽  
Economic Study ◽  
Behavioral Economic ◽  
Modern Economic ◽  
Definition Of ◽  
Behavioral Economic Theory

The article is devoted to the analysis of the place of behavioral approach in the structure of modern economic study. The evolution of views on the essence of economic behavior of individuals is desc ribed and the peculiarities of approaches to its definition of different economic schools are analyzed. The comparative analysis of behavioral and neoclassical approaches is presented; the peculiarity of the used method is the presentation of the neoclassical direction not in the aggregate, but as two main branches – cardinal and ordinal, which allowed for a more detailed analysis. The analysis revealed differences and some similarity of these directions of research. According to the findings, it is concluded that the behavioral approach is not the complete opposite of the neoclassical, but has a significant number of features close to the ideas of ordinary people, so it can be considered as a natural continuation of established ideas deepened through the use of an interdisciplinary approach. The article also outlines possible options for the development of neoclassical and behavioral approaches and the current issues for further research.

Methodological Principles of Keynes’ Theory and His «Strife over Method» with Tinbergen

2007 ◽  
pp. 25-36 ◽  
Author(s):  
I. Rozmainsky
Keyword(s):  
Economic Theory ◽  
Critical View ◽  
Modern Economic ◽  
Methodological Principles

The author analyzes Keynes-Tinbergen controversy in the context of Keynes’ methodological ideas, which he thinks are fully opposite to the methodology of modern economic theory. Using different Keynes’ papers the author considers this difference in detail and shows its links to the critical view held by Keynes towards econometrics

Beyond GDP: The Quest for a Measure of Social Welfare. Part I

2012 ◽  
pp. 67-93 ◽  
Author(s):  
M. Fleurbaey
Keyword(s):  
Economic Theory ◽  
Social Welfare ◽  
Well Being ◽  
National Product ◽  
Future Generations ◽  
Modern Economic ◽  
Aggregate Wealth ◽  
Net National Product ◽  
Sustainability Policy ◽  
Beyond Gdp

The first part of the paper is devoted to the monetary indicators of social welfare. It is shown which methods of quantitative estimating the aggregate wealth and well-being are available in the modern economic theory apart from the traditional GDP measure. The limitations of the methods are also discussed. The author shows which measures of welfare are adequate in the dynamic context: he considers the problems of intertemporal welfare analysis using the Net National Product (NNP) for the sustainability policy and in the context of concern for well-being of the future generations.

Some Developments in Economic Theory Since 1940: An Eyewitness Account

2010 ◽  
pp. 4-23 ◽  
Author(s):  
K. Arrow
Keyword(s):  
Economic Theory ◽  
General Equilibrium ◽  
Equilibrium Theory ◽  
General Equilibrium Theory ◽  
Economics Of Information ◽  
Modern Economic ◽  
Eyewitness Account ◽  
Theory Uncertainty ◽  
Professional Formation

The article considers the evolution of some branches of modern economic theory from the perspective of the authors biography as a scientist and his professional formation. It describes problems of econometrics, general equilibrium theory, uncertainty, economics of information, and growth. It is shown how different authors representing various fields came to similar conclusions simultaneously and independently, what were the problems, in response to which economists of the second half of last century developed their theories, and what were the contexts of such development.

IRVING FISHER AND THE MECHANISTIC CHARACTER OF TWENTIETH CENTURY ACCOUNTING THOUGHT

1995 ◽  
Vol 22 (2) ◽  
pp. 43-83 ◽  
Author(s):  
Tom Mouck
Keyword(s):  
Economic Theory ◽  
Twentieth Century ◽  
World View ◽  
Neoclassical Economic ◽  
Neoclassical Economics ◽  
Newtonian Mechanics ◽  
Neoclassical Economic Theory

This paper provides an overview of the influence of Newtonian mechanics on the development of neoclassical economic theory and highlights Fisher's role in the popularization of the resulting mechanical conception of economics. The paper also portrays Fisher's The Nature of Capital and Income — a work which has been aptly characterized as the “first economic theory of accounting” — as the first move toward the colonization of accounting by economics. The result of Fisher's influence has been a paradigmatic linkage between the Newtonian world view of science, neoclassical economics, and mainstream academic accounting thought. The picture that emerges from this linkage is then used as a backdrop against which the emerging challenges to economics-based accounting thought are highlighted.

B is for Bias

2014 ◽  
Vol 3 (2) ◽  
pp. 35-47
Author(s):  
Calin Valsan
Keyword(s):  
Economic Theory ◽  
Rational Expectations ◽  
Economic Environment ◽  
Rational Agents ◽  
Economic Agents ◽  
Behavioral Biases ◽  
The Social ◽  
Modern Economic

Standard economic theory assumes rational agents. Individuals are expected to have rational expectations and constantly optimize their choices. Modern economic and financial theory is build under the assumption of rationality. There is plenty of evidence from psychology, however, that individuals are biased and rely heavily on heuristics in order to make decisions. Yet, this is not a mere fluke, a behavioral oddity. Because the social and economic environment in which individuals evolve is complex, behavioral biases represent evolutionary adaptations allowing economic agents to deal with undecidability and computational irreducibility.

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