Imperfect Knowledge Economics - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Imperfect Knowledge Economics write by Roman Frydman. This book was released on 2023-09-26. Imperfect Knowledge Economics available in PDF, EPUB and Kindle. Posing a major challenge to economic orthodoxy, Imperfect Knowledge Economics asserts that exact models of purposeful human behavior are beyond the reach of economic analysis. Roman Frydman and Michael Goldberg argue that the longstanding empirical failures of conventional economic models stem from their futile efforts to make exact predictions about the consequences of rational, self-interested behavior. Such predictions, based on mechanistic models of human behavior, disregard the importance of individual creativity and unforeseeable sociopolitical change. Scientific though these explanations may appear, they usually fail to predict how markets behave. And, the authors contend, recent behavioral models of the market are no less mechanistic than their conventional counterparts: they aim to generate exact predictions of "irrational" human behavior. Frydman and Goldberg offer a long-overdue response to the shortcomings of conventional economic models. Drawing attention to the inherent limits of economists' knowledge, they introduce a new approach to economic analysis: Imperfect Knowledge Economics (IKE). IKE rejects exact quantitative predictions of individual decisions and market outcomes in favor of mathematical models that generate only qualitative predictions of economic change. Using the foreign exchange market as a testing ground for IKE, this book sheds new light on exchange-rate and risk-premium movements, which have confounded conventional models for decades. Offering a fresh way to think about markets and representing a potential turning point in economics, Imperfect Knowledge Economics will be essential reading for economists, policymakers, and professional investors.
The Economics of Imperfect Information
The Economics of Imperfect Information - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Economics of Imperfect Information write by Louis Phlips. This book was released on 1988. The Economics of Imperfect Information available in PDF, EPUB and Kindle. This book provides a systematic presentation of new microeconomic theories of imperfect information.
The Economics of Imperfect Competition
The Economics of Imperfect Competition - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Economics of Imperfect Competition write by Joan Robinson. This book was released on 1969-07-01. The Economics of Imperfect Competition available in PDF, EPUB and Kindle.
The Economics of Imperfect Knowledge
The Economics of Imperfect Knowledge - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Economics of Imperfect Knowledge write by G. B. Richardson. This book was released on 1998-01-01. The Economics of Imperfect Knowledge available in PDF, EPUB and Kindle. G.B. Richardson's writings, although from 1953 to 1972, are still very relevant to modern economics. The central theme of this book of his papers is that the knowledge upon which business decisions are taken is limited and uncertain and that the availability of it is affected by market structure.
Imperfect Knowledge and Monetary Policy
Imperfect Knowledge and Monetary Policy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Imperfect Knowledge and Monetary Policy write by Vítor Gaspar. This book was released on 2006-02-16. Imperfect Knowledge and Monetary Policy available in PDF, EPUB and Kindle. Based on lectures given as part of The Stone Lectures in Economics, this book discusses the problem of formulating monetary policy in practice, under the uncertain circumstances which characterize the real world. The first lecture highlights the limitations of decision rules suggested by the academic literature and recommends an approach involving, first, a firm reliance on the few fundamental and robust results of monetary economics and, secondly, a pragmatic attitude to policy implementation, taking into consideration lessons from central banking experience. The second lecture revisits Milton Friedman's questions about the effects of active stabilization policies on business cycle fluctuations. It explores the implications of a simple model where the policy maker has imperfect knowledge about potential output and the private sector forms expectations according to adaptive learning. This lecture shows that imperfect knowledge limits the scope for active stabilization policy and strengthens the case for conservatism.
