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Intellectual bias

In: On the Methodology of Financial Economics

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Abstract

This chapter looks at the current state of mainstream financial economics and notes that it is solely founded on the functionalist paradigm, and therefore, it is intellectually biased, i.e., partial. Next, the chapter provides four explanations for the course of the development of science, in general, and finance, in particular. Each explanation is based on one of the four paradigms mentioned previously. Finally, the chapter emphasizes that these four explanations are equally scientific and informative; they look at the process of the development of academic finance from a certain paradigmatic viewpoint; and together they provide a broader and a balanced view of the phenomenon under consideration. Therefore, the chapter suggests the use of a multi-paradigmatic approach as a way to overcome the intellectual bias of mainstream financial economics.

Suggested Citation

  • ., 2023. "Intellectual bias," Chapters, in: On the Methodology of Financial Economics, chapter 2, pages 18-47, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:22320_2
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    Cited by:

    1. Jiang, Yirui & Tran, Trung Hieu & Williams, Leon, 2023. "Machine learning and mixed reality for smart aviation: Applications and challenges," Journal of Air Transport Management, Elsevier, vol. 111(C).

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    Keywords

    Economics and Finance; Law - Academic;

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