The Unity of Science and Economics: A New Foundation of by Jing Chen
By Jing Chen
This e-book offers a brand new monetary concept constructed from actual and organic ideas. It explains how expertise, social platforms and fiscal values are in detail concerning assets. many folks have well-known that mainstream (neoclassical) fiscal theories usually are not in step with actual legislation and infrequently no longer in step with empirical styles, yet such a lot believe that fiscal actions are too complicated to be defined through an easy and coherent mathematical concept. whereas social platforms are certainly complicated, all lifestyles platforms, together with social structures, fulfill ideas. First, all platforms have to extract assets from the exterior atmosphere to atone for their intake. moment, for a process to be potential, the quantity of source extraction should be at the very least the extent of intake. From those rules, we derive a quantitative thought of significant components in monetary actions, equivalent to mounted rate, variable fee, price, uncertainty and period. The mathematical thought allows us to systematically degree the effectiveness of other guidelines and institutional buildings at various degrees of source abundance and cost.
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Extra resources for The Unity of Science and Economics: A New Foundation of Economic Theory
The discovery of the giant oil ﬁelds around 1930 happened over a short period of time. The adjustment was very sudden and painful. The Great Depression was unavoidable, regardless of government policies. Yet the abundance of oil, a higher quality energy source than coal, also set the stage of economic boom after the Second World War, when highways and gas stations were built in many parts of the world. The tremendous growth of the petroleum and car based economy greatly increased the consumption of petroleum.
The depletion of natural resources is of little concern since for neoclassical economists for technological advance and resource substitution will generally overcome the problems caused by depleted resources. The standard economic theory is taught in almost all universities worldwide. It has a great influence on public opinion. To understand better the relation between resources and technology, we will examine regions where the resource base is very narrow so the impact of resource depletion can be assessed more clearly.
However, the authorities were convinced that the economic recession in 1973 was caused by improper policy response to high oil prices instead of the high oil price itself. They believed that they had mastered the proper policy response now and were not worried about the steady increase in oil prices. That is why the authorities were unprepared when the ﬁnancial crisis broke out in 2007 and 2008, although the prices of major commodities had been increasing for some time. According to neoclassical economic theories, recessions are short term interruptions from long term economic growth.