"It is astonishing what foolish things one can temporarily believe if one thinks too long alone, particularly in economics". John Maynard Keynes (1936, The General Theory).

Tuesday, 7 June 2011

The * hypothesis

Is it possible to have a research hypothesis without a name? Well, it might not be possible, but it might be necessary...

The latest paper is available online under the title


at this link


(copy the link to your browser or click on the link at the left column of the blog)

Historical study has not been within the scope of the research project titled “Exchange networks and parallel currencies: Theoretical approaches and the case of Greece”. Of course, research participants often mention that their economic activity is not a new invention. However, it did not arrive to be imminent to consider of locating this activity within a historical framework till mapping of the schemes took place. The geographical dispersion of the schemes was such, that neither new communication technologies, nor the current economic crisis in Greece could explain the phenomenon in a satisfactory way.

Moreover, several research findings repeatedly appear without enabling any theoretical explanation that could link them together. At the same time, modern literature from all over the world is being oriented towards the study of parallel currencies, while exchange networks and free bazaars are almost inexistent for both academic and non-academic writers. Of course, it would not be wise to think that exchange networks and free bazaars are just a Greek originality. What is happening then?

The present paper is an attempt to formulate a hypothesis using research findings which for reasons we cannot explain yet, “demand” their place in time, actually in time and space altogether. We try to see how scheme members with both their discourse and action challenge our perceptions about:

a) transactions without official currency being an old-times trait, which has long been or should be abandoned as “non-economic” and inefficient.