Keynes, with his heretical contribution to the family of the neo‐classics, was as profound as the heresies of Luther against the Pope. He accepted the institution of profit…
Abstract
Keynes, with his heretical contribution to the family of the neo‐classics, was as profound as the heresies of Luther against the Pope. He accepted the institution of profit, private initiative, personal ownership of the means of production, the price mechanism of the market in the production and consumption of goods and distribution of income. He refused to accept, however, the old concept of equilibrium with full employment according to the Say law of the markets. Instead he introduced the concept of equilibrium with unemployment, anathema to the classics.
After looking at the physiocratic idea of production, examines thesocial process of “environmental economic engineering”,focused on sustainability of production. Gives attention…
Abstract
After looking at the physiocratic idea of production, examines the social process of “environmental economic engineering”, focused on sustainability of production. Gives attention to the role of technology in this process. Expresses sustainability criteria in the magnitudes time preference, depletion of natural stocks, population growth, and technical progress. It appears that technical progress must offset the other magnitudes mentioned.
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Presents the first chapter in this work with regard to the search for new ideas and better interpretations in the growth and development of new ideas. Investigates the exchange of…
Abstract
Presents the first chapter in this work with regard to the search for new ideas and better interpretations in the growth and development of new ideas. Investigates the exchange of views between thinkers of different points of view. Invites co‐operation between various factions to investigate unification of all known sciences (natural and economic) and to include the arts. Mentions all the great thinkers in these areas and unreservedly discusses their contribution in the school of thought. Proffers that modern technology cannot and should not be slowed down and that for the social economy of human solidarity should be aimed for, to begin a new era for humanity.
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Looks at Arrow’s early background in New York and his subsequent development in the field of econometrics and mathematical economics. Covers his work in depth and his achievements…
Abstract
Looks at Arrow’s early background in New York and his subsequent development in the field of econometrics and mathematical economics. Covers his work in depth and his achievements in the school of thought of economics, adding that the modern school of thought is complementary to the classical school.