Market Economies And Natural Laws / Edition 1

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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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Editorial Reviews

In this small volume, economist Dominique sets out to turn his field on its head. Why, he wonders, can't economics move to a higher level of generality and become a genuine scientific disciple? The poverty of economic explanations, their incongruities and paradoxes, and the commitment to excessive axiomatization are described as the field's main weaknesses. To overcome these problems, Dominique sets forth his proposal for an alternative formulation for the whole field based in the law of nature. Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9780275972561
  • Publisher: ABC-CLIO, Incorporated
  • Publication date: 6/30/2001
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 138
  • Product dimensions: 6.00 (w) x 9.00 (h) x 0.44 (d)

Meet the Author

C-RENE DOMINIQUE, formerly Professor of Economics at Canada's Laval University, has worked in the private and public sectors and at the Office of Technical Cooperation of the United Nations. Among Professor Dominique's earlier publications is Unfettered Globalization (Praeger, 1999).

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Table of Contents

1 The Scientificity of Economics: A Stillborn Project 1
The Evolution of Conventional Economics 2
Ephemeral Truths 8
Truths and Consequences 10
2 An Economy Without a Rudder 13
Conditions for the Emergence of Scientific Theories 14
Modern Science: A Formal Definition 20
What About Economic Theory? 21
3 On the Maturity of Scientific Theories: Physics Versus Economics 25
The Conditions for Growth 25
The Growth of Economic Science 35
4 What Else Is Blocking Progress in Economics? 39
Theoretical Incongruities 40
Misleading Notions 42
Misleading Policies 45
The Costs of Divorcing Physics 48
App. A4.1 On the Optimal Application of a Technology 53
App. A4.2 The Minimization of Unrealized Gains 55
App. A4.3 The Theory of Special Relativity: A Primer 56
App. A4.4 The Quantum and Other World Views 62
5 Persistent Growth and Fluctuations 67
The Growth Process 68
Cyclical Movements and Fluctuations 70
6 An Alternative Subtheory of Human Choice 77
The Beginning 78
Decision According to Expected-Utility 79
A Proposed Alternative 81
App. A6.1 The Brain as a Dynamo 87
7 An Alternative Model of the Economy 91
The Need for Alternatives 92
The Search for Gratification 94
The Economy as a Collective Mental Replica 98
App. A7.1 Exotic Particles and Forces 103
App. A7.2 A Formal Model of Economy [zeta] 105
Summary and Conclusions 109
Bibliography 113
Index 119
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