The Fundamentals of Economic Research

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In this monography there are presented and discussed the following categories of concepts: truth and causes, randomness, isomorphism, homomorphism, models, modelling, expectations, tools and effects of the use of monetary policy, potentia and calculus of potentias, theory and theorizing.
These categories make themes of successive chapters of this book. It seeks to provide both theoretical and empirical foundations for doing economic research by economists, econometricians, financiers, and management scientists who want to deepen their economic and methodological backgrounds.
The author presents the essence of the considered concepts from the point of view of the philosophy of science, logic, mathematics, economics and finance, as well as, empirical testing of models and theories.


Rok wydania2018
Liczba stron318
KategoriaMetody ilościowe
WydawcaWydawnictwo Uniwersytetu Łódzkiego
ISBN-13978-83-8142-150-8
Numer wydania1
Język publikacjiangielski
Informacja o sprzedawcyePWN sp. z o.o.

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Spis treści

  Preface    9
  
  Chapter 1. Truth and causes    13
  1.1. Introduction    14
  1.2. Notions of truth    15
  1.2.1. Truth definitions    17
  1.2.2. Determinants of quality of truthfulness criteria    27
  1.3. Notions of cause    32
  1.4. Criteria for causality    54
  1.5. Final notes    62
  Bibliography    63
  
  Chapter 2. On randomness    73
  2.1. Introduction    74
  2.2. Qualitative concepts of randomness from antiquity until the XIX c.    75
  2.3. Final remarks    93
  Bibliography    94
  
  Chapter 3. Isomorphisms, homeomorphisms, models and modeling    97
  3.1. Introduction    98
  3.2. Homeomorphisms and Isomorphisms    99
  3.2.1. Intuitive characterizations of Homm & Isomm    99
  3.2.2. Formal characterizations of Homm    104
  3.2.3. Isomorphisms    106
  3.3. Homeomorphism, isomorphism and models    112
  3.3.1. Category of model    114
  3.4. Principles of and problems related to modeling    120
  3.5. Final remarks    126
  Bibliography    126
  
  Chapter 4. On models and modeling    129
  4.1. Introduction    129
  4.2. The essence of models    130
  4.2.1. Fundamental questions    132
  4.3. Domains and co-domains of models    140
  4.4. Kinds of models    143
  4.5. More specific forms of models    148
  4.6. Modeling and principles of modeling    150
  4.7. Models and modeling in economics    162
  4.8. Final remarks    170
  Bibliography    171
  
  Chapter 5. On expectations. Part I    175
  5.1. Introduction    175
  5.2. Concepts of rationality    178
  5.3. Rational expectations and rational predictions    183
  5.4. Adaptive rational expectations and predictions    188
  Bibliography    192
  
  Chapter 6. On expectations. Part II    195
  6.1. Introduction    195
  6.2. Non-adaptive rational economic expectations: theories and models    197
  6.2.1. H. Working’s theory of rational economic expectations     206
  6.2.2. J. Muth’s theory of rational economic expectations     209
  6.2.3. R. E. Lucas, Jr.’s theory of rational economic expectations    214
  6.2.4. T. J. Sargent’s theory of rational economic expectations    219
  Bibliography    226
  
  Chapter 7. On expectations. Part III    229
  7.1. Introduction    229
  7.2. Remarks on J. M. Keynes’ and H. Working’s theories of expectations    230
  7.3. Remarks on J. Muth’s theory of rational expectations    234
  7.4. Remarks on R. E. Lucas’ and T. Sargent’s theories of rational economic expectations    236
  7.4.1. Lucas’ theory    236
  7.4.2. T. J. Sargent’s theory    239
  Bibliography    243
  
  Chapter 8. Methodological problems of choosing the instruments and effects of monetary policy    245
  8.1. Introduction    246
  8.2. Tools of monetary policy    250
  8.3. Effects of monetary policy tools    258
  8.4. Final remarks    266
  Bibliography    268
  
  Chapter 9. Calculus of potentials in physics, mathematics and economics    271
  9.1. Introduction    271
  9.2. The measurement and calculus of potentials in physics    272
  9.3. The measurement and calculus of potentials in mathematics    280
  9.3.1. Classical results    280
  9.4. Non-classical results    289
  9.5. Measuring potential in economics    290
  9.5.1. Examples of empirical applications    296
  Bibliography    298
  
  Chapter 10. On theories and theorizing    303
  10.1. Introduction    303
  10.2. Theories in logic    304
  10.3. Theories in mathematics    307
  10.4. Theories in some other fields of science    309
  10.5. Final remarks    316
  Bibliography    317
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