By Alan P. Kirman, Louis-Andre Gerard-Varet
Economics: past the Millennium includes articles by means of best professionals in quite a few fields of financial conception and econometrics, each one of whom offers an account of the present cutting-edge of their personal box and point out the path that they suspect it's going to soak up the subsequent ten years.
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Additional info for Economics beyond the Millennium (The Sset Series)
Example text
Perhaps the most interesting contribution to this literature is that of Lindgren (1991). In most of the literature on games such as the ‘repeated prisoners' dilemma’, the strategy space is fixed and hence notions of equilibrium are well defined. However, Lindgren allows new strategies to develop, and these have an important effect on the behaviour of the system over time. Thus, although the system starts out with strategies with a fixed memory length, other strategies with different memory lengths enter the population.
However, I have taken the trouble to repeat this because, during methodological discussion of the hypothesis in economic theory, we sometimes forget that any theory should have an objective. 2. The Nature of the Hypotheses Economics consists of a multiplicity of specialized theories. For example, we speak of microeconomic or macroeconomic theories, of partial or general theories, and of dynamic or static theories. More specific examples would be the theory of value, price theory, growth theory, business cycle theory, etc.
Trends of a scientific discipline concern three interrelated evolutions that have all to be considered. First, the set of problems, or at least the viewpoints from which these problems are perceived, evolves. Second, the methods change, usually progressing so as to be more efficient or more adequate for the current concerns. Third, the discipline experiences the effects of an uncontrolled inner dynamics of theory-building or fact-finding: each result suggests a new conjecture or the need for a deeper investigation of an abstract or empirical nature.