Monthly Archives: February 2014

Empirical economic researchers: read Carl Menger about exact laws and empirical laws

Economics has never been successful in discovering empirical laws. The reason is that human behaviour is not driven by one force, which is constant in whatever situation. There are at least three primary motives, which can change in power, dependent on the situation. This makes it necessary to develop a realistic paradigm-analysis-theory. Continue reading

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Piet Keizer on Dan Ariely on Irrationality

Behavioural economics tries to add psychological elements to the orthodox-economic analysis. But their experiments and empirical research are unacceptable as long as their framework of interpretation is very unrealistic. Dan Ariely’s Predictably Irrational is a good illustration of this problem. Continue reading

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Why Nations Fail according to Daron Acemoglu

Acemoglu and Robinson state that inclusive political institutions are critical for a high level of wealth of a nation; geography and culture are not. We closely reading their book “Why Nations Fail” I come to the conclusion that there is no clear definition of concepts and no careful analysis of the interrelationship between a number of principal variables, which might matter. Therefore this highly praised book is very disappointing. MIT, Harvard and A-publications are not a guarantee for quality. Continue reading

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