Browse

Why Capital Controversies Occur Repeatedly: A Methodological Interpretation

Cited 0 time in Web of Science Cited 0 time in Scopus
Authors
Hong, Keehyun
Issue Date
2015-07
Publisher
Institute of Economic Research, Seoul National University
Citation
Seoul Journal of Economics, Vol.28 No.3, pp. 285-310
Keywords
Capital controversiesDeduction vs. InductionIndividualist vs. Holistic
Abstract
This study explains the causes of capital controversies that occurred thrice in economic history, namely, at the turn of the 20th century, in the 1930s, and in the 1960s. Recurrence of controversies seeks answers from various theoretical frameworks. Differences between the Classical and Neoclassical schools are used to explain such controversies. The former explains long-period position using cost-of-production theory, hereas the latter explains short-run equilibrium using demand-and-supply theory. Results reveal neglected

aspects of the controversies, i.e., methodological positioning. Hence, controversies result from differences in the methodologies of scientific approaches, i.e., deductionist vs. inductionist and/or individualist vs. holistic.
ISSN
1225-0279
Language
English
URI
https://hdl.handle.net/10371/94459
Files in This Item:
Appears in Collections:
College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of Economics (SJE)Seoul Journal of Economics vol.28 no.1~4 (2015)
  • mendeley

Items in S-Space are protected by copyright, with all rights reserved, unless otherwise indicated.

Browse