Economic Theory

Big Players and the Economic Theory of Expectations by Roger Koppl (auth.)

By Roger Koppl (auth.)

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Even later when Mises paid more attention to the epistemological foundations of his “praxeology,” the philosophical grounds of his argument remain obscure. Caldwell (1982, p. 121), Prychitko (1994), and others associate Mises with Kant or post Kantianism. But he does not cite Kant and the phrase “synthetic a priori” appears nowhere in his writings. Even in his most strident expression his apriorism, Mises explicitly refuses to clarify epistemological status of the “a priori” truths of economics.

3 (p. 169). A Monte Carlo technique lets us construct the theta histogram that would exist if returns were statistically independent. ” Figures in Chapter 9 show the empirical and bootstrapped theta histograms for Bunge and for Vyshnegradsky. Statistical tests show that the null hypothesis of statistical independence cannot be rejected for the Bunge period. Statistical dependence is clearly present in the Vyshnegradsky period. This difference between the Bunge and Vyshnegradsky periods is evidence that Big Players encourage herding and contra-herding.

215). Moreover, many of Weber’s most important concepts and distinctions were inadequately developed (Schutz 1932a, p. xxxi). They could not be 40 Schutz 41 accepted as is. ” Schutz’s analysis of meaning led him to the view that all thinking requires ideal types. Most thinkers reserve the term “ideal type” for the constructs of social scientists. Schutz employed it for both scientific and common-sense interpretations of the social world. We think in stereotypes. Our own experiences are “meaningful” only when we reflect on them.

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