Epilogue: puzzles and myths in economics and finance

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Chapter 10 in Controversies in Economics and Finance, 2020, pp 204-215 from Edward Elgar Publishing

Abstract: The discussion of puzzles and paradoxes is aimed at demonstrating that they are not really paradoxes or puzzles, because logical and plausible explanations can be put forward for all of them. Myths, on the other hand, are perceived as such by some economists, while others consider them to be undisputed facts of life. They arise primarily in normative economics, where value judgement plays an important role in determining how the state of affairs ought to be. Whether a myth is truly a myth or otherwise depends on the strength of arguments and evidence for one claim or another. A ‘recipe’ is presented for how to ‘bake’ a puzzle, as well as a discussion of a silly and a dumb puzzle. Examples are suggested of puzzles based on myths.

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