These distorted views can influence the situation to which they relate because false views lead to inappropriate actions. As mentioned before, the reflexivity concept contradicts mainstream economic principles. If the Bank or the financial institution had considered the Market supply and demand Factor before making a decision, the economy would not have collapsed.

  • Hostile information requires a relation between the information system and purpose of men.
  • XYZ Co. is yet to generate higher revenue , but the stock price has kept rising.
  • Man’s overall capacity, creativity, solidarity, aggression etc are embedded in his animal patterns.
  • Awareness is an important attribute of a person though it is influenced by many factors such as culture, society etc they can only assist in awareness but cannot become aware.
  • In mathematics, a relation describes the relationship between sets of values of ordered pairs.

Product filter buttonDescriptionContentsResourcesCoursesAbout the AuthorsNarrative features such as frames, digressions, or authorial intrusions have traditionally been viewed as distractions from or anomalies in the narrative proper. In Theory and the Novel Jeffrey Williams exposes these elements as more than simple disruptions, analysing them as registers of narrative reflexivity, that is, moments that represent and advertise the functioning of narrative itself. Williams argues that narrative encodes and advertises its own functioning and modal form.


The first topic is an extension of the RGT for the case of mixed groups of humans and robots. The third topic is Emotional Reflexive Games born as a fusion of the RGT with Pleasure-Arousal-Dominance model. The fourth topic is focused on the issue of establishing an exemplar communication system for autonomous units to enable them to create groups and influence on each others. The final topic is dedicated to the matter of social dynamics. The group dynamics is analyzed by means of Reflexive Markov Process with transition probabilities derived from the RGT inference.


It isn’t always the investor’s perception of the reality that matters. The decisions must be based on the actual economic factors instead of some random perceptions. The investor’s perception can never lead the economy towards an equilibrium state.

How is it applicable in the financial markets?

It was a theory that showed how limited the project of modernity was and how unpleasant it had to be . For sociology, what caused the modern to be in a bad situation was the fact that the promise of industrial progress and scientific certainty made it inevitable that there would also be a time of decline, human misery, and despair. Durkheim’s work is the best way to express this scepticism, it might be said. In Durkheim’s view, this sense of isolation and alienation, as well as moral degradation, was linked to unrestricted desires and aspirations, fragile bonds, and widespread disillusionment. All of this, he said, was what led to a rise in suicides in the cities of a rapidly industrialising Europe. The set of all irreflexive relations is closed under the operation of the set union.

A binary relation R specified on a set P is declared to be reflexive if, for every element p ∈ P, we have pRp, that is, ∈ R. For example, if for p ∈ A, p is not related to itself then it is denoted by ∉ R or ‘not pRp’. George’s claims concerning the accuracy of the reflexivity do not fit with the economic equilibrium. He believes that the prices of the products and customer’s expectations share a strong connection. The investor’s perception can drive the prices up and down significantly over time. With the incredibly high prices of real estate and increased mortgage lending, the economy ends up in a financial crisis.

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According to, the concept of reflexivity contradicts nearly all the major economic concepts. He also believes that reflexivity must be considered as the researcher’s main focus. Soros has also claimed that reflexivity is one of the few economic and financial concepts that can change all the basic principles of Macroeconomics. If it is used as the prime element of research, then reflexivity can lead to the development of unique epistemology. Let’s get into the detail of reflexivity and its impact on Economic Equilibrium.

Applications of the Reflexive Game Theory: Advanced Topics  (English, Paperback, Tarasenko Sergey)

A binary relation R specified on a set A is supposed to be reflexive if, for each element a ∈ A, we have aRa, that is, ∈ R. For example, if for p ∈ A, p is not related to itself then it is denoted by ∉ R or ‘not pRp’. In mathematics, a relation describes the relationship between sets of values of ordered pairs. The set of components in the first set are termed as a domain that is related to the set of component in another set, which is designated as the range.


In simple words, the theory of reflexivity states that the stock price can at times significantly influence the value of a business and investors should not ignore this. Reflexive sociology is historically sensitive sociology as it deepens the awareness of sociologists. It sees individuals profoundly shaped and evolved by a particular culture and social system. It believes that there is a slippage between man and the society where he lives in.

Reflexive Relations FAQs

A slowing economy will help reduce the current account deficit, but hit the fiscal deficit. Wholesale prices had been falling but are increasing again, reducing purchasing power. All industries face slowing revenues and rising costs, decreasing profits. Around the time Covid stuck, the majority of Franklin India Credit Risk fund investments were in AA and below. This led to fear among investors of a potential default leading to widespread redemptions. Given the size of the AMC, Franklin was sometimes the sole lender to some corporates.


In accordance with the work ethic, reflexive sociology focuses on the creative potential of the scholar which opposes the conformity demanded by the established institutions or by professional organizations. It opposes the standardized role of the scholar or professionals. It prefers individuals who are risk-takers, have high level of commitment, and high level of courage to compromise their careers on behalf of their creative ideas. Reflexive sociology is concerned more with the creativity of intellectual performance. Reflexive sociology is concerned where what sociologists want to do and what they actually do in the world. The historical mission of reflexive sociology is to create and transform sociologists to understand them deeply regarding their work and life and to raise sociologists self-awareness.

In the 19th century when the distinction was made between the natural sciences and the cultural and human sciences, imparting knowledge was the main agenda. Those philosophers who believed that social sciences are natural sciences similar to biology and physical science etc hold the positivistic view, which meant that they should be taught in the same way as natural sciences. The conception of physical sciences had an ideology that humanity might unite with a common effort which would promote technology and transform the universe as a usable mankind resource as a whole.

Reflexive sociology propounds a critique of conventional conception. According to theorists, there are two kinds of social worlds, one is permitted which is normal and the other is unpermitted that is abnormal. Theorists begin with unpermitted world generalise it and then transform these unpermitted worlds into permitted ones. Theorists first communicate the importance of permitted world and second by denying and ignoring what he takes to the unpermitted world. Theorists assign meaning to social objects in terms of goodness.

Thus, facts or how to calculate interest on a loanamentals are affected by the activities that follow from these beliefs, which alter investors’ perceptions and prices. Prices affect fundamentals, which in turn cause expectations to alter and ultimately affect prices. Before the 2008 financial crisis, rising real estate prices influenced banks to increase their land mortgage lending, and, in turn, increased lending mortgages helped drive up real estate prices. As a result, a price bubble developed when rising prices were unchecked; this bubble finally burst, triggering the financial crisis and the great recession.

The incredible life of billionaire investing legend George Soros, the anti-Trump bogeyman of the far right

Unpermitted world are those where 1) good objects are seen to weak and 2) bad objects are seen to be strong. It is very painful for a man to believe that what is powerful in society is extremely bad for example it is very difficult for a religious believer to feel that god is evil. A value free conception of social science is a way in which sociologists live in an unpermitted world and believe that this is not the task of sociologists to balance between power and goodness.

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To show that this progress is going to happen in a straight line, Durkheimian sociology called for a single method of science, one that would also be used to teach other social sciences how to do their work. Weber saw the power of modern reason as a chance for unprecedented efficiency and economic growth. Marx said that history moves in a straight line, and that science is the most important thing that happens at the end because it has conquered both the natural world and ideology (Pathak 2006; Hekman 1986). The relations represent the connection between the two presented sets. In short, the theory of reflexivity is all about how stock prices can influence underlying values.

There is also a slippage between man and history and this slippage is derived from the biological creature as an evolving animal species. Man’s overall capacity, creativity, solidarity, aggression etc are embedded in his animal patterns. According to reflexive sociology men live in a society but not all alone, they emanate from history together and not alone. On the other hand, death is also considered as an ultimate truth, it can remove us totally from our commitments and our passion for society.

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He poses a series of theoretical questions such as about reflexitivity, imitation and fictionality, to offer a striking and original contribution to readings of the English novel, as well as to discussions of theory in general. This book introduces advanced topics of the Reflexive Game Theory . Part I introduces fundamentals of the RGT including formalism of the RGT, Forward Task and Inverse Task of the RGT. A word “advanced” implies here that the RGT is fused with numerous auxiliary methods to achieve particular practical goals.

It is based on the myth that social worlds are mirrored in sociologists’ work rather than saying that these are sociologists’ own interests and their reflections on the world. Modernity, which had brought about the start of the discipline, as well as the certainty and promise of its method, also led to its scepticism. It was because its ontological claims didn’t feel right that it had to make a big change in how it looked at things. In math, the relation is amongst the x-values and y-values of ordered pairs. The set of all x-values is termed the domain, and the set of all y-values is named the range.

  • Where b is the component, B is the set and R denotes the relation.
  • Without the hefty interest charges, the company could become profitable and even gain a leadership position.
  • Conventional positivism proposes that when the self remains intact with the information system, the primary effect is to distort it, there is also an assumption that the self affects the information system.
  • Recognizing this has been sacrificed because the human mind wants certainty whereas uncertainty is a key feature of human affairs.
  • According to him, Reflexivity contradicts most conventional economic ideas, such as equilibrium, rational expectations, and the efficient market hypothesis.

In other words reflective sociology is also radical sociology. Reflexive sociology proposes that in order to understand the world sociologists must understand themselves first. Reflexive sociology requires an empirical dimension which includes a large diversity of researchers, sociologists, their occupation roles, their careers etc. Should tech shares continue to decline and ARK Invest ETFs’ redemptions accelerate – the absence of liquidity will be profound and it is possible that a “flash crash” in some of their ETFs.