European Financial and Accounting Journal 2012, 7(1):28-40 | DOI: 10.18267/j.efaj.13

What is Self-Influential Economic Theory?

Tomáš Buus
Ing. Tomáš Buus, Ph.D. - assistant professor; Department of Corporate Finance and Valuation, Faculty of Finance and Accounting, University of Economics, Prague, W. Churchill Sq. 4, 130 67 Prague 3, Czech Republic; <buust@vse.cz>.

Self-influence and self-reference are among the largely omitted, but quite substantial properties of thought systems in social sciences. These can have significant impact on the ways we can test such thought systems (theories), their applicability and reliability. This paper defines the basic terms of self-influence, which contrary to self-reference, is sneaky and demonstrates in practice over longer periods of time. The outline of classification of self-influence presented in this paper draws on notorious examples - CAPM and efficient market hypothesis. These examples show that philosophy has still much to tell about the methodology of science in economics.

Keywords: CAPM, EMH, Philosophy of science, Self-influence, Self-reference
JEL classification: A10, B40, G10

Published: March 1, 2012  Show citation

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Buus, T. (2012). What is Self-Influential Economic Theory? European Financial and Accounting Journal, 7(1), 28-40. doi: 10.18267/j.efaj.13
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