Thomas Kuhn saw this much more pessimistic. Not falsified hypotheses form a scientific paradigm is not only created by its authors, but also defended. Scientific knowledge develops in leaps. Is a scientific paradigm once established, plump facts that make it partially or entirely in question, first of all from him. The representatives of the ruling doctrine form a cartel. Who wants to make career in science, must enter into the cartel by he pays homage to the cardinals of the prevailing doctrine. Disciples are included in the cartel, rejected heretics. As facts accumulate to a critical mass, which is the prevailing view in question, the heretics unite to new schools that compete with the prevailing doctrine. The Cardinals of the dominant paradigm meet the challenge by closing the ranks of the cartel fixed. With an increasing amount of contradictory facts, however, they get more and more on the defensive. The victory of the heretics is perfect if the old Cardinals eventually lose their influence.
The debate in the financial economy currently seems to follow the script of Thomas Kuhn. Although the financial crisis has created new facts that can not be explained by the paradigm of rational expectations and efficient financial markets, keeping the US-based universities and central representatives of the ruling doctrine in these theories still found. This is most clearly visible in the monetary policy where further inflation targets with the old methods are pursued, even though that has made the most significant contribution to the emergence of the financial crisis. However, representatives of the dominant paradigm are now beset by critics, emanating from the irrationality of economic actors and inefficiency of financial markets.
Behavior-based approaches gain in the economic and financial science of influence and strive to the paradigmatic dominance. It must be recognized that a system based on the assumption of individual irrationality and inefficiency of financial markets new paradigm is paving the way for a paternalistic state. "Irrational individuals" must be helped with government help to better economic decisions, and "inefficient financial markets" need to be controlled by the state. But where should the state take the knowledge to make better decisions than individuals? Discover more feinonlinemarkt.eu