Expectations In Economic Theory.

Expectations In Economic Theory

S. A. Ozga

Transaction Publishers

Rutgers University

35 Berrue Circle, Piscataway, NJ 08854-8042

9780202361550, $29.95 www.transactionpub.com 1-888-999-6778

Economic theories are not just some pie-in-the-sky, ivory tower academic exercises. A sound economic theory is based upon a rational attempt to conceptualize and articulate the rules, principles, causes and effects of certain facts in terms of how they came to be, what they mean as an explanation of what has happened, and as predictors of what can be reasonably expected in the future. An economic theory is a scientific hypothesis capable of being tested, modified, or superceded as the data arising from its testability accumulates.. "Expectations In Economic Theory" by economist scholar and academician s. A. Ozga (London School of Economics) is a compilation of expert and insightful commentary dealing with the subject of economic theory in the normative idea of it being an explanation of something in the form of an idea, and not as an expression of a methodology for testing that idea. Divided into three major sections (Formalization of Expectations; Logical Relations in Expectations; and Subjective Factors in Expectations), "Expectations In Economic Theory" is as thoughtful as it is thought-provoking. A superbly written and deftly presented, comprehensive and seminal contribution to a complex subject, "Expectations In Economic Theory" is a very highly recommended addition to academic library "Economic Studies" reference collections, and student supplemental reading lists on the subject of Economic Theory.