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Reflexivity and Economics - George Soros's theory of reflexivity and the methodology of economic science (Paperback)
Loot Price: R1,330
Discovery Miles 13 300
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Reflexivity and Economics - George Soros's theory of reflexivity and the methodology of economic science (Paperback)
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Total price: R1,350
Discovery Miles: 13 500
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The form of 'reflexivity' - defined by the dictionary as that which
is 'directed back upon itself' - that is most relevant to economic
methodology is that where observation of the economy leads to ideas
that change behavior, which in turn changes (is directed back upon)
the economy itself. As George Soros explains: "if investors believe
that markets are efficient then that belief will change the way
they invest, and that in turn will change the nature of the markets
they are observing ... That is the principle of reflexivity".
Although various versions of reflexivity have long been discussed,
in recent years George Soros has been particularly effective in
bringing ideas about reflexivity to the attention of the economic
and financial communities. In a series of writings he has
systematically argued that reflexivity is not only an important
aspect of economic life, it is an aspect that is neglected in most
mainstream theorizing; and in addition, that the neglect of
reflexivity has been responsible for the failure of economists to
predict, explain, or offer a solution for events such as the recent
financial crisis. Soros' ideas about reflexivity have important
methodological significance, and his chapter in this book
summarizes and clarifies his arguments. His contribution is joined
by those of thirteen scholars from a wide range of relevant fields,
who provide a commentary on the idea of reflexivity in economics.
This book was originally published as a special issue of The
Journal of Economic Methodology.
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