By Kazem Falahati
The fresh worldwide monetary hindrance has made the inadequacies of the clinical nation of economics and finance obviously seen, as those disciplines gave the fake reassurance that this kind of self-destructive phenomenon couldn't ensue. an analogous phenomenon arose within the 1930’s, whilst the pitfalls of the dominant fiscal theories have been sharply uncovered. considering that then, a similar analytical framework, in its new types, has published an incredible variety of different empirical and experimental disasters.
On the opposite hand, the founders of the at the moment dominant theories in economics and finance (i.e. the usual paradigm) equivalent to Walras (1834-1910), Modigliani (1918-2003) and Miller (1923-2000) have pointed out mathematical contradictions inside their very own foundational types, the foundation reason for which not anyone has but stumbled on. the traditional paradigm has hence misplaced the cause of its life within the mild of expertise, experiments and logical rigour. This publication identifies the heuristic reason for those exterior and inner contradictions of the normal paradigm and treatments those difficulties through delivering a new paradigm which may clarify and are expecting saw fiscal behaviour, and unravel the extant behavioural, empirical and experimental puzzles.
The new paradigm deals a dramatically superior figuring out of monetary behaviour on the micro in addition to macro point of the economic climate inside of an over-arching framework comprising the genuine and the monetary sectors. It does so in a rigorous yet simple and clear method, utilizing an axiomatic technique. It additionally deals coverage tips on how the financial system might be controlled to prevent critical swings. It hence is of serious curiosity to students and practitioners in economics and finance.
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