Market Economies And Natural Laws / Edition 1

Market Economies And Natural Laws / Edition 1

by C. Rene Dominique
     
 

The forefathers of neoclassical or conventional economics, beginning with Walras, wanted to build a psycho-mathematical science similar to celestial mechanics. However, during the first half of the last century, they succumbed to the charm of axiomatization: Hence, economics remains a stillborn science. Its theory is plagued with incongruities, generating

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Overview

The forefathers of neoclassical or conventional economics, beginning with Walras, wanted to build a psycho-mathematical science similar to celestial mechanics. However, during the first half of the last century, they succumbed to the charm of axiomatization: Hence, economics remains a stillborn science. Its theory is plagued with incongruities, generating misleading notions and policies that are detrimental to human welfare and environmental equilibrium. Its truths have significantly low half-lives, and its confused pronouncements have become an open ground in which false consciousness rumble unchallenged. This state of affairs calls for a fundamental revision.

After reviewing the evolution of economics from Antiquity to the present and pointing to its inadequacies, Dominique proposes an alternative formulation which not only sheds light on the enduring features of market economics but also makes economics consistent with physics, the mother of all sciences. This is a challenging revision for scholars, students, and others involved with economic theory.

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Product Details

ISBN-13:
9780275972561
Publisher:
ABC-CLIO, Incorporated
Publication date:
06/30/2001
Edition description:
New Edition
Pages:
138
Product dimensions:
6.00(w) x 9.00(h) x 0.44(d)

Table of Contents

Preface
1The Scientificity of Economics: A Stillborn Project1
The Evolution of Conventional Economics2
Ephemeral Truths8
Truths and Consequences10
2An Economy Without a Rudder13
Conditions for the Emergence of Scientific Theories14
Modern Science: A Formal Definition20
What About Economic Theory?21
3On the Maturity of Scientific Theories: Physics Versus Economics25
The Conditions for Growth25
The Growth of Economic Science35
4What Else Is Blocking Progress in Economics?39
Theoretical Incongruities40
Misleading Notions42
Misleading Policies45
The Costs of Divorcing Physics48
App. A4.1On the Optimal Application of a Technology53
App. A4.2The Minimization of Unrealized Gains55
App. A4.3The Theory of Special Relativity: A Primer56
App. A4.4The Quantum and Other World Views62
5Persistent Growth and Fluctuations67
The Growth Process68
Cyclical Movements and Fluctuations70
6An Alternative Subtheory of Human Choice77
The Beginning78
Decision According to Expected-Utility79
A Proposed Alternative81
App. A6.1The Brain as a Dynamo87
7An Alternative Model of the Economy91
The Need for Alternatives92
The Search for Gratification94
The Economy as a Collective Mental Replica98
App. A7.1Exotic Particles and Forces103
App. A7.2A Formal Model of Economy [zeta]105
Summary and Conclusions109
Bibliography113
Index119

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