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Necessity of Changes in the Point of View on the Randomness in the Frame of Economic Paradigm

Author

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  • Jaroslav Daňhel
  • Eva Ducháčková

Abstract

Problem of current world economy results from reality that we do not know to manage comprehensive complicated economic word with elements unrestrained randomness. Way to implement mathematics to economic science in not efficient, the same statement is valid about “risk based approach”. Effort to normative prediction put on the periphery of interest ethics problems. Crisis provoked political pressure on extensity of regulation. Dilemma is: to support of naturally correct economic surroundings or strong regulation to restrict unethical behavior.Overcoming our cognitive insufficiency and finding new paradigm with anticipation of unrestrained randomness is very acute.

Suggested Citation

  • Jaroslav Daňhel & Eva Ducháčková, 2012. "Necessity of Changes in the Point of View on the Randomness in the Frame of Economic Paradigm," Český finanční a účetní časopis, University of Economics, Prague, vol. 2012(3), pages 61-70.
  • Handle: RePEc:prg:jnlcfu:v:2012:y:2012:i:3:id:322:p:61-70
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    References listed on IDEAS

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    1. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
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    Keywords

    Regulatorní projekty; Finanční a ekonomická krize; Economic paradigm; Randomness; Financial and economic crises; Formalization or economic science; Welfare state model; Ethics of economic interaction; Ekonomické paradigma; Nahodilost; Formalizace ekonomické vědy; Stát blahobytu; Etika ekonomických interakcí;

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • G01 - Financial Economics - - General - - - Financial Crises
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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