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21 – 30 of 508The purpose of this paper is to contribute to a discourse analytical understanding of the political economy. The term “crisis” is an important label in recent discussion…
Abstract
Purpose
The purpose of this paper is to contribute to a discourse analytical understanding of the political economy. The term “crisis” is an important label in recent discussion in political economy. Yet the genuine discursive dimension of “the crisis” and the multiple linguistic layers of the crisis discourse remains an open issue.
Design/methodology/approach
Realist perspectives usually believe in an external reality of crises independent of the language construction; in contrast, constructivist perspectives argue that a crisis is always the result of a socio-linguistic construction process. This contribution follows a critical-constructivist perspective, thereby taking into account powerful discursive actors which are able to “declare” a state in the world as a “crisis”.
Findings
From a discourse analytical point of view, this paper examines the rules and logics of crisis management policy, arguing that a new politico-academic elite has appeared which is beyond the classical distinction between “Keynesians” and “neo-liberals”. By taking a position in the discourse of the recent debate on financial regulation, these new elite might be able to manage the crisis for a particular time, as they are constructed as “moderating actors” through academic and political discourses.
Research limitations/implications
From a practical point of view, this analysis cannot offer economic solutions; from an analytical viewpoint, it will not give insights into discursive contexts.
Practical implications
This analysis helps to understand current debates on economic policy and to improve the communicative efficiency of the participants.
Originality/value
This paper combines a discourse analysis with a governmentality perspective and applies this analytical tool onto a political and economic topic currently prevailing in the global political economy.
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Certain elements of Hayek’s work are prominent precursors to the modern field of complex adaptive systems, including his ideas on spontaneous order, his focus on market…
Abstract
Certain elements of Hayek’s work are prominent precursors to the modern field of complex adaptive systems, including his ideas on spontaneous order, his focus on market processes, his contrast between designing and gardening, and his own framing of complex systems. Conceptually, he was well ahead of his time, prescient in his formulation of novel ways to think about economies and societies. Technically, the fact that he did not mathematically formalize most of the notions he developed makes his insights hard to incorporate unambiguously into models. However, because so much of his work is divorced from the simplistic models proffered by early mathematical economics, it stands as fertile ground for complex systems researchers today. I suggest that Austrian economists can create a progressive research program by building models of these Hayekian ideas, and thereby gain traction within the economics profession. Instead of mathematical models the suite of techniques and tools known as agent-based computing seems particularly well-suited to addressing traditional Austrian topics like money, business cycles, coordination, market processes, and so on, while staying faithful to the methodological individualism and bottom-up perspective that underpin the entire school of thought.
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The state of macroeconomics.
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DOI: 10.1108/OXAN-DB229707
ISSN: 2633-304X
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Geographic
Topical
We commence answering the above questions first with an extension of the definition of Economy given by Gerard Debreu (1959). Choudhury (1999a) has extended Debreu's…
Abstract
We commence answering the above questions first with an extension of the definition of Economy given by Gerard Debreu (1959). Choudhury (1999a) has extended Debreu's formulation by introducing the learning parameter of unity of knowledge. The ethically induced economy in the light of conscious oneness is a complex relational universe of its micro-parts. These comprise prices, quantities, incomes, resources, preferences and production menus, and technological choices. These are studied in relation to multimarkets and their agents represented by vector-variables of each of the above-mentioned categories. All of these categories of the representing variables are mutually interactive according to the interactive, integrative, and evolutionary (IIE)-learning processes (explained earlier) by the medium of knowledge-flows that emanate from the episteme of conscious oneness.1
This essay is a review of the recent literature on the methodology of economics, with a focus on three broad trends that have defined the core lines of research within the…
Abstract
This essay is a review of the recent literature on the methodology of economics, with a focus on three broad trends that have defined the core lines of research within the discipline during the last two decades. These trends are: (a) the philosophical analysis of economic modelling and economic explanation; (b) the epistemology of causal inference, evidence diversity and evidence-based policy and (c) the investigation of the methodological underpinnings and public policy implications of behavioural economics. The final output is inevitably not exhaustive, yet it aims at offering a fair taste of some of the most representative questions in the field on which many philosophers, methodologists and social scientists have recently been placing a great deal of intellectual effort. The topics and references compiled in this review should serve at least as safe introductions to some of the central research questions in the philosophy and methodology of economics.
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Ildus Rafikov and Elmira Akhmetova
The purpose of this paper is to discuss the methodology of integrated knowledge in Islamic economics and finance and seek to offer collective ijtihād as one way to find…
Abstract
Purpose
The purpose of this paper is to discuss the methodology of integrated knowledge in Islamic economics and finance and seek to offer collective ijtihād as one way to find solutions to the existing problems in the field.
Design/methodology/approach
The study is based on the idea of multidisciplinarity or interdisciplinarity, which uses not only traditional sources of Islam and economics, such as uṣūl al-fiqh, fiqh mu’amalat, econometrics, statistics, microeconomics and macroeconomics but also looks into behavioural and natural sciences for inspiration and solutions. This paper is constructed using the methodology of “the two readings”, as promoted by the International Institute of Islamic Thought, and which combines the revealed and the existential sciences.
Findings
This paper proposes the collaborative multidisciplinary methodology as the main approach to studying the modern problems and challenges, as well as for finding solutions in the fields of Islamic economics and finance.
Practical implications
Studying and researching issues, particularly in the field of Islamic economics and finance, from an interdisciplinary perspective, effectively broadens practical applications and possibilities in Islamic finance.
Originality/value
This paper contributes to social sciences, especially the field of Islamic finance, and calls upon researchers to engage in multidisciplinary studies.
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Abhijeet Chandra, Kantesha Sanningammanavara and A. Satya Nandini
The purpose of this paper is to survey retail investors to study the determinants of their investment behaviour and show that individual heterogeneity and financial…
Abstract
Purpose
The purpose of this paper is to survey retail investors to study the determinants of their investment behaviour and show that individual heterogeneity and financial factors such as gender, age, educational status, income, and investment levels determine their trading behaviour across three domains; however, features such as marital status and occupation do not play any significant role in shaping their trading behaviour.
Design/methodology/approach
Structured surveys are conducted on retail and small investors using the brokerage services of a firm. Data collected from primary methods are used for statistical analysis in ANOVA and multiple regression frameworks.
Findings
The authors also report that retail investors’ self-perceived confidence as a function of both expected and unexpected changes in the market and personal factors largely determines trading behaviour of retail investors and that self-perceived confidence level and self-reported portfolio size are positively associated implying that (over-)confident retail investors tend to believe that their investment skills being superior are bound to perform better and thus they typically hold larger than average investment portfolios.
Practical implications
These findings are significant because research on cross-sectional variance of individual investment behaviour explains how investor heterogeneity plays a critical role in investment and asset allocation decisions. Investors, researchers, and practitioners would use the results for financial decision making specifically related to personal finance, behavioural portfolio management, and investment advisory.
Originality/value
This paper is an empirical approach to explore the retail investor behaviour using psychometric approach with respect to self-perceived confidence and other perceived measures of investor behaviour. The authors contribute to the emerging set of literature on investor behaviour and behavioural finance.
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Marc Pilkington and Christine Sinapi
The purpose of this article is to highlight the need for renewed collaborative efforts between linguists and economists to develop a multidisciplinary approach to…
Abstract
Purpose
The purpose of this article is to highlight the need for renewed collaborative efforts between linguists and economists to develop a multidisciplinary approach to discourse studies to single out, in the case at hand, how financial media discourse might reflect either a prevailing mainstream or a Minskian conceptual apparatus in financial crisis related papers.
Design/methodology/approach
The paper conducts exploratory research by focusing on semantic analysis, so as to indicate how the latter might possibly indicate a shift in the prevailing framework in contemporary financial media discourse. After a clear exposition of a theoretical dichotomy between the Minskian and mainstream approaches, it relies on Tropes software to conduct applied discourse analysis and discover evidence for the aforementioned shift. It exploits a set of three crisis-related articles from the Financial Times written by Martin Wolf. The selected corpora consist of opinion articles, a genre believed to be both emblematic of financial media discourse and subject to the influence of underlying theoretical frameworks.
Findings
The paper has identified a convincing Minskian vs mainstream dichotomy that may be substantiated by a set of disciplinary criteria. It argues that these criteria can be further used in applied discourse analysis. It demonstrates the relevance of our methodology from the exploratory test conducted. Eventually, these exploratory results, although they remain embryonic, suggest that a shift in the conceptual frameworks underlying the media discourses has taken place, from the Mainstream in fair weather conditions to (possibly) a more Minskian framework in times of crisis and financial instability.
Research limitations/implications
The sample size is extremely restricted (albeit acceptable in an exploratory research context); these limitations are inherent in exploratory research and do not preclude the validity of the broader interdisciplinary research agenda. In our proposed theoretical dichotomy, the mainstream approach is subject to caution insofar as no single and consensual definition of the latter exists to date in the literature.
Social implications
This article has highlighted the need for further multidisciplinary collaborative research endeavors (in particular, linguistics and economics). It has also touched the issue of crisis prevention and early warning systems, which may include financial press monitoring.
Originality/value
There exists a powerful media sphere within which financial discourse may exert an influence on decision-makers through the influence of underlying theoretical frameworks, eventually shaping real economic outcomes. The research program initiated, by combining the insights of economics and linguistics; therefore, aims to uncover the modus operandi of financial media discourse.
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