Download The Unity of Science and Economics: A New Foundation of by Jing Chen PDF

By Jing Chen

This booklet offers a brand new financial idea built from actual and organic ideas. It explains how know-how, social structures and monetary values are in detail on the topic of assets. many folks have well-known that mainstream (neoclassical) monetary theories should not in keeping with actual legislation and infrequently no longer in keeping with empirical styles, yet such a lot consider that financial actions are too advanced to be defined by means of an easy and coherent mathematical concept. whereas social structures are certainly complicated, all lifestyles platforms, together with social platforms, fulfill rules. First, all platforms have to extract assets from the exterior setting to catch up on their intake. moment, for a process to be plausible, the volume of source extraction should be not less than the extent of intake. From those ideas, we derive a quantitative conception of significant components in monetary actions, reminiscent of fastened rate, variable fee, cost, uncertainty and period. The mathematical idea permits us to systematically degree the effectiveness of other regulations and institutional buildings at various degrees of source abundance and cost.

The thought provided during this e-book indicates that there don't exist universally optimum regulations or institutional constructions. in its place, the affects of alternative regulations or social buildings need to be measured in the context of latest degrees of source abundance. because the actual expenses of extracting assets upward push gradually, many coverage assumptions followed in mainstream financial theories, and possible in occasions of inexpensive and ample power provides and different assets, must be reconsidered. during this speedily altering international, the speculation provided right here presents an exceptional origin for reading the long term affects of cutting-edge coverage judgements.

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Additional info for The Unity of Science and Economics: A New Foundation of Economic Theory

Sample text

This makes it difficult to abandon such policies. Inevitably most of the policy recommendations derived from this economic theory will be politically incorrect or politically unpopular. The established economic theories often assume technology development will resolve the problem of resource scarcity. New technologies often enable us to utilize resources that previously could not be tapped. At the same time, technology itself requires resource inputs. The net output of resources from new technologies may or may not be positive.

But if the general public is allowed to use fishing nets in rivers, lakes and oceans, fish population will decline rapidly in a very short period of time. For an unequal system to last, the level of inequality cannot be too extreme. This applies both in nature and in human societies. When the dominant parties expect the system to end soon, the inequality of the social system tends to increase so that dominant parties can extract more profits while the system lasts. 6 Carbon and Hydrogen as Energy Sources Carbon and hydrogen are the main components of organism.

Animals, whose active lifestyle require substantial energy consumption, evolved to take advantage of the abundant atmospheric oxygen. All materials with a gradient against the environment have the capacity to destroy. Only after we develop technologies to harness the gradient of these materials and contain their destructive power to manageable levels, do these materials become resources. The amount of solar energy available to early photosynthetic bacteria was almost infinite. Those bacteria multiplied quickly.

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