search query: @author McGoun, E. G. / total: 3
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| Author: | Frankfurter, G. M. McGoun, E. G. |
| Title: | Ideology and the theory of financial economics |
| Journal: | Journal of Economic Behavior and Organization
1999 : JUN, VOL. 39:2, p. 159-177 |
| Index terms: | Finance Philosophy Theories |
| Language: | eng |
| Abstract: | The paradigms of modern finance are the result of a type of academic thinking inspired by a positivist philosophy. Philosophers of science argue that this positivism of Milton Friedman is `value-neutral'. In this paper, using the ubiquitous Efficient Markets Hypotheses as an example, it is argued that both the ontology and the epistemology of financial economics are decidedly value-impregnated, however well the methodology masquerades as perfectly objective. It is important that scientists / researchers recognize the ubiquity of ideology in finance and admit and understand the values implicit in its neoclassical methodology. |
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