MBR: The Economics Shelf

The Economics Shelf

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scientific hypothesis capable of being tested, modified, or superceded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.

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