Rethinking the Foundations of Economics and Finance

A central research objective is to offer a unifying narrative and framework for undertaking and critiquing economic and financial analysis. Building on the first principles of dynamic systems, a critical focal point is the continuity of the shifting evolutionary interface between microeconomic and macroeconomic mechanisms, along with associated bidirectional impacts. In simple terms, microeconomics continuously feeds into macroeconomics, but also macroeconomics potentially redefines the underpinnings of microeconomics, with such evolving influences being dependent on specific phenomena and time horizons. Specific further analytical elements include the hierarchical conceptual importance of information revelation and “news” diffusion processes for redefining equilibrium and disequilibrium states. In this regard, the problematic of the “black swan” highlights how learning transition processes depend on the interrelation between individual and social behavior, as well as sunk cost irreversibility.

Faculty Supervisor:

Robert F. Owen

Student:

Partner:

National University of Kyiv-Mohyla Academy

Discipline:

Sociology

Sector:

Other

University:

University of Toronto

Program: