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The interpretation of economic texts from the perspective of social values

Author

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  • Anda-Laura Lungu

    (Faculty of Economics and Business Administration Timișoara)

Abstract

The field of economic sciences makes available to analysts many interpretation types of economic phenomena and processes: economic analysis and statistics offer a realistic view based on figures or in other words on the analysis of optimum use of resources under given assumptions and constraints. Semantics, a quasi-universal science, offers other ways of interpretation: the relations among signs subordinated to syntax; the relation between signs and their interpreter belonging to pragmatics; semantics explain the relation between signs and the represented objects. What happens when the externalities generated by market economy need an interpretation from the perspective of social values? This field is underdeveloped in economy. We think that interpretation belongs here, within the wider frame of economic hermeneutics that includes the axiological interpretation – in order to identify the hidden causes of the economic agents’ behavior-, the behavioristic-institutional interpretation – from the perspective of the analysis of individual behavior- and praxeological interpretation – analyzing human actions and their efficiency. The purpose of this approach is to have a better global view of the economic phenomenon.

Suggested Citation

  • Anda-Laura Lungu, 2015. "The interpretation of economic texts from the perspective of social values," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 15(1), pages 191-200.
    • Handle: RePEc:pet:annals:v:15:y:2015:i:1:p:191-200
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    References listed on IDEAS

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    1. Smith, Adam, 1776. "An Inquiry into the Nature and Causes of the Wealth of Nations," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1776.
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    More about this item

    Keywords

    social values; axiological interpretation; behavioristic-institutional interpretation; praxeological interpretation;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation

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