The Fundamentals of Economic Research

• Druk: Łódź, 2018
• Autor: Władysław Milo
• Wydawca: Wydawnictwo Uniwersytetu Łódzkiego

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.

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• Język wydania: angielski
• ISBN: 978-83-8142-150-8
• ISBN druku: 978-83-8142-149-2
• Liczba stron: 318

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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