27 research outputs found
The Philosophical Foundation Of The Lecture Method Of Instruction And The Case Method Of Instruction: Implications For Examinations
Any adequate comparison between the lecture method of instruction and the case method of instruction necessarily requires a comparison of their underlying philosophical foundation and methodology. This is based on the premise that foundational philosophies or world views underlie educational philosophies, and each educational philosophy favors a certain instructional methodology, which in turn implies a certain way or method of instruction. More specifically, this paper discusses how each philosophical foundation implies a certain type of examination
The Academic Field of Finance and Paradigm Diversity
Kavous Ardalan, Ph.D., is associate professor of finance, School of Management, Marist College, Poughkeepsie, NY 12601
Invisible Ideology of Mainstream Economics: The “Invisible Hand”
The purpose of this article is to show the ideological character of the “invisible hand,” which is the cornerstone of the mainstream economics. The article discusses how
the “invisible hand” acts as a cognitive metaphor in mainstream economics' adoption of its worldview, its scientific view, its research methodology, and its
mathematical rationality, which are spread in society through the educational system and the media. According to the “invisible hand,” the individuals' selfish
interest automatically results in the improvement for society as a whole. The “invisible hand,” therefore, focuses on individual behavior and recommends abstraction
from the social consequences of individual behavior. This atomistic view, together with its attendant abstraction from society as a whole, constitutes the foundation of the
ideological character of the “invisible hand.” This is because it conceals the actual social consequences of what it supports
The Institutional and Individual Contributors to Research in Financial Education: 1991-2002
A Test of Two Open-Economy Theories: Oil Price Rise and Italy
The goal of the study is to empirically discriminate between two open-economy theories. The Keynesian theory holds that there is no, or only a very weak, homeostatic mechanism and, in the absence of government intervention, real income tends to remain below the level of full employment. In the monetary interpretation, the homeostatic mechanism is strong, and real income can be treated as though it were exogenous. This study examines the response of Italy to the sharp increase in oil prices in late 1973. The experience of Italy, as an oil-importing country, supports the monetarist view
Theories and controversies in finance: a paradigmatic overview
The purpose of this paper is to provide an overview of the paradigmatic context and structure of the current theories and controversies in mainstream academic finance. It identifies the context among paradigms and the structure within the identified paradigm. The paper is based on the view that worldviews underlie theories and controversies in general, and those of finance, in particular. It notes how any worldview can be positioned on a continuum formed by four basic paradigms: functionalist, interpretive, radical humanist, and radical structuralist. Then, the paper notes that theories and controversies in mainstream academic finance, despite their apparent diversity, are founded on and associated with the functionalist paradigm. Then, the paper continues with the discussion of the hierarchical structure of paradigms. It discusses that it consists of three consecutive levels: paradigm; metaphor; and puzzle solving. It looks at a sample of prominent controversies in academic finance and notes that they belong to the substructure of the functionalist paradigm. Throughout, the paper emphasizes that, in the future, mainstream academic finance should benefit from the contributions of the other three paradigms.Diversity, Finance, Methodology, Paradigms, Philosophy
Mathematics and academic finance: the role of paradigms
Purpose – Any adequate analysis of the nature of mathematics and its role in sciences necessarily requires fundamental understanding of the world views underlying the views expressed with respect to the nature and role of mathematics. Aims to discuss four general views with respect to mathematics and its role in sciences, corresponding to four broad worldviews. Design/methodology/approach – This paper starts with the premise that any worldview can be positioned on a continuum formed by four basic paradigms: functionalist, interpretive, radical humanist, and radical structuralist. It looks at the current state of mainstream academic finance and notes that it is founded only on the functionalist paradigm. It argues that any view expressed with respect to the nature of mathematics and its role in sciences is based on one of the four paradigms or worldviews. Findings – Emphasizes that the four views expressed are equally scientific and informative; they look at the nature and role of mathematics from a certain paradigmatic viewpoint. Originality/value – Concludes that there are opportunities for mainstream academic finance to benefit from contributions coming from the other three paradigms, if it respects paradigm diversity.Finance, Mathematics, Philosophy
On the theory and practice of finance
The purpose of this paper is to provide an explanation for the way the reality in the world of finance comes to be formed, among other things, by the theory of finance. It is based on the idea that financial behavior is not independent of the theory of finance. The paper, therefore, examines certain aspects of the academic field of finance. That is, it examines theories, PhD programs, journals, and conferences in academic finance. It notes that they adhere, almost exclusively, to a certain worldview, called the functionalist paradigm. Then, the paper discusses the role of finance graduates as employees of universities, corporations, and financial institutions in the practice of finance. In this way, the paper provides an explanation for the social construction of the world of finance.Business studies, Doctorates, Economic processes, Finance, Globalization, Professional associations