Description
Book SynopsisIn this fascinating book, Imad A. Moosa challenges existing preconceptions surrounding normative economics, arguing that what some economists see as undisputed facts of life may be myths caused by dogmatic thinking.
With this in mind, Moosa argues that the alleged puzzles found in the economics and finance literature are not puzzles at all, because they can be explained intuitively, without the need for complex models or the extravaganza of econometrics. Plausible explanations are suggested for puzzles in various areas of economics and finance, such as the home bias puzzle, the PPP puzzle and the presidential puzzle. The author explains why some common beliefs are, in fact, myths, including those of the power of the market, inefficiency of the public sector and the use of low-interest policy to combat the depression caused by the Covid-19 outbreak.
Controversies in Economics and Finance is a thought-provoking and stimulating read that exposes common flaws in economic analysis. It will be of great benefit to academics, graduate students and policy-makers looking to understand the limits of economic analysis.
Trade Review'Everyone loves a good puzzle. Moosa (re)introduces the reader to puzzles across a wide range of economics and finance topics and provides serious investigation, interpretation, discussion, and solutions for each. At bottom-line, he argues that most of these puzzles and paradoxes are neither and that one researcher's myth is another's indisputable fact. Moosa's presentation is extraordinarily lucid and logically constructed. He brings clarity to confusion and insight where it has been missing. Researchers, young and old, will benefit from the incisive examination Moosa brings to these Controversies.' -- Ronald D. Ripple, PhD, Mervin Bovaird Professor of Energy Business and Finance (retired), University of Tulsa, US
'Professor Imad Moosa’s text will be welcomed by anyone who values and seeks clear thinking in relation to those areas of the social sciences that determine the social and economic environment in which we live. To this end, the text succeeds in penetrating the discipline’s fabric of “received wisdom” with its bogus puzzles and perpetrated myths. In doing so, the text shines a much-needed light on the corrupted nature of academic publishing that continues to masquerade as meaningful academic research. If a first step to achieving meaningful academic institutions in our society is the recognition of the failures of the current system, then this text represents just such a step.’ -- Michael Dempsey, Tan Duc Thang (TDT) University, Vietnam
Table of ContentsContents: Preface 1. Puzzles and Myths: A General Overview 2. Puzzles in International Finance 3. Puzzles in International Economics and Macroeconomics 4. Puzzles in Finance 5. The Myths of Econometrics 6. The Myths of Laissez Faire 7. The Myths of Financial Economics 8. The Myths of Macroeconomics 9. The Mother of all Myths: Do the Royals Attract Tourists? 10. Epilogue: Puzzles and Myths in Economics and Finance References Index
