The Anomaly Hypothesis: How the Great Recession Demonstrates the Necessity for a Paradigm Shift in Economics and Finance Theory

The Anomaly Hypothesis: How the Great Recession Demonstrates the Necessity for a Paradigm Shift in Economics and Finance Theory
A Book

by Miguel Galaz

  • Publisher : Lulu Press, Inc
  • Release : 2014-08-29
  • Pages : 129
  • ISBN : 1105693317
  • Language : En, Es, Fr & De
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Paradigm Shifts are an integral part of the scientific process. The shifts however, are not only applicable to the scientific world. The thesis underlying "The Anomaly Hypothesis" supposes that the processes behind scientific paradigms (from inception to revolution) are applicable to other disciplines. From Economics and Finance, to Society and the Arts, all fields are subject to the framework developed by Thomas Kuhn in his notable "Structure of Scientific Revolutions". Through a breakdown of Kuhn's model and an account of the history leading up to the 2008 Global Financial Crisis, the thesis will demonstrate that our current Economic and Financial models are riddled with anomalies; anomalies miring our financial system, manifesting themselves in crises with ever increasing intensity and frequency. The anomalies point to an urgent need to revolutionize our outdated financial and economic models. Could this century bear witness to fundamental shifts within our markets, our society, and our form of governance?

Is There a Future for Heterodox Economics?

Is There a Future for Heterodox Economics?
Institutions, Ideology and a Scientific Community

by Geoffrey M. Hodgson

  • Publisher : Edward Elgar Publishing
  • Release : 2019
  • Pages : 256
  • ISBN : 1789901596
  • Language : En, Es, Fr & De
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Over the last 50 years, the community of heterodox economists has expanded, and its publications have proliferated. But its power in departments of economics has waned. Addressing this paradox, this book argues that heterodox economists are defined more by left ideology than by a shared understanding of the nature of orthodox economics and of what should replace it. Heterodox economists cannot agree on what heterodoxy means. This volume applies work on the social nature and institutions of science to help explain the failure of heterodox economics to gain ground. It assesses some strategic options for its future.

Finance, Accumulation and Monetary Power

Finance, Accumulation and Monetary Power
Understanding Financial Socialism in Advanced Capitalist Economies

by Daniel Woodley

  • Publisher : Routledge
  • Release : 2019-10-29
  • Pages : 246
  • ISBN : 1000691985
  • Language : En, Es, Fr & De
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This accessible yet rigorous book examines the development of ‘financial socialism’ in advanced capitalist economies in the decade since the global financial crisis of 2007–2009. This new term refers to an attempt to resolve the accumulation crisis of capital through coordinated central bank activism, where state circuits of monetary capital assume a critical role in the reproduction of capitalist social relations. The book explains the dynamics of the crisis as it has developed and assesses the response of monetary elites to systemic financial risk in the global economy. Their failure to re-engineer growth following the technology boom of the late 1990s and the global financial crisis are driving fundamental changes in the form and function of capitalist money, which have yet to be theorized adequately. Finance, Accumulation and Monetary Power presents a revealing and radical critique of the failure of the International Political Economy to apprehend changes taking place within capitalism, employing a critical-theoretical analysis of contradictions in the capitalist reproduction scheme. The book will be of key interest to scholars, students and readers of international political economy, critical political economy, heterodox economics, globalization, international relations, international political sociology, business studies and finance.