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What are the questions?




This paper argues that, in attempting to provide accurate explanations of economic behavior, economists have to account, in the structures of their models, for the cultural backgrounds of the agents in question. In particular, utility and profit maximization (or their equivalent) cannot be used universally as motivating forces everywhere because cultural effects can lead to different thought processes, different motivations, and hence different decision rules. Failure to introduce such effects into economists' models can lead to errors in understanding and policy recommendations that do not produce intended results.

Suggested Citation

  • Donald W. Katzner, 2002. "What are the questions?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 25(1), pages 51-68.
  • Handle: RePEc:mes:postke:v:25:y:2002:i:1:p:51-68
    DOI: 10.1080/01603477.2002.11051351

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    References listed on IDEAS

    1. John T. Harvey, 1996. "Orthodox Approaches to Exchange Rate Determination: A Survey," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 18(4), pages 567-583, July.
    2. Mark P. Taylor, 1995. "The Economics of Exchange Rates," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 13-47, March.
    3. Stephan Schulmeister, 1988. "Currency speculation and dollar fluctuations," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 41(167), pages 343-365.
    4. repec:mes:jeciss:v:31:y:1997:i:2:p:615-622 is not listed on IDEAS
    5. Shinji Takagi, 1991. "Exchange Rate Expectations: A Survey of Survey Studies," IMF Staff Papers, Palgrave Macmillan, vol. 38(1), pages 156-183, March.
    6. Taylor, Mark P. & Allen, Helen, 1992. "The use of technical analysis in the foreign exchange market," Journal of International Money and Finance, Elsevier, vol. 11(3), pages 304-314, June.
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    Cited by:

    1. Jennifer Nevins & William Bearden & Bruce Money, 2007. "Ethical Values and Long-term Orientation," Journal of Business Ethics, Springer, vol. 71(3), pages 261-274, March.
    2. Miguel A. Duran, 2007. "Mathematical Needs and Economic Interpretations," Contributions to Political Economy, Oxford University Press, vol. 26(1), pages 1-16.

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