The Unity of Science and Economics A New Foundation of Economic Theo
This book presents a new economic theory developed from physical and biological principles. It explains how technology, social systems and economic values are intimately related to resources. Many people have recognized that mainstream (neoclassical) econ
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The Unity of Science and Economics A New Foundation of Economic Theory
The Unity of Science and Economics
Jing Chen
The Unity of Science and Economics A New Foundation of Economic Theory
123
Jing Chen School of Business University of Northern British Columbia Prince George, BC Canada
ISBN 978-1-4939-3464-5 DOI 10.1007/978-1-4939-3466-9
ISBN 978-1-4939-3466-9
(eBook)
Library of Congress Control Number: 2015954963 Springer New York Heidelberg Dordrecht London © Springer Science+Business Media New York 2016 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper Springer Science+Business Media LLC New York is part of Springer Science+Business Media (www.springer.com)
To Jamie Galbraith
Preface
Some ideas from established economic theories, such as perpetual growth or sustainable growth, are not consistent with basic scientific principles. Could better policies be developed to deal with today’s social and economic problems if economic theories were more scientifically consistent? Economic and social policies have many dimensions. Should tax rate be higher or lower? Should interest rate be higher or lower? Should retirement age be later or earlier? Should the number of years of mandatory education be increased or decreased? Can the magnitude of business cycles and financial crises be reduced? Should government regulate business activities more or less? Does the creation of a Euro zone benefit or harm Europe? It seems that answering each question requires very specialized knowledge. In general, most people feel that social and economic problems are too complex to be understood from a simple theory. To this, we may reflect on the evolution of our thoughts about celestial bodies. Before the development of modern astronomy, celestial bodies, which are very far away from us, were much more mysterious than the earthly matters, which are very close to us. Then, Nicholas Copernicus showed that when the sun, instead of the earth, was considered as the center of
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