Puzzles and myths: a general overview

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Chapter 1 in Controversies in Economics and Finance, 2020, pp 1-13 from Edward Elgar Publishing

Abstract: The puzzles of economics and finance predominantly take the form of empirical or conceptual anomalies that allegedly remain unresolved and present a challenge to economists. Empirical anomalies, hence puzzles, arise when the implication of a theory is inconsistent with observed economic data; that is, when empirical testing does not support the theory. Alternatively, a puzzle arises when an observed phenomenon cannot be explained. Myths arise because of dogmatic belief in some theories or propositions. Simple explanations are suggested for the Downs_Thompson paradox, the Tullock paradox, the Esterlin paradox, the Gibson paradox, the Giffen paradox, and others.

Keywords: Economics and Finance; Research Methods; Teaching Methods (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (1)

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