The Unity of Science and Economics

A New Foundation of Economic Theory

Authors: Chen, Jing

  • Presents a new economic theory linking basic biophysical principles to decision making by individuals and institutions
  • Provides an integrated understanding of the social, biological, and physical aspects of economic systems
  • Includes a detailed analysis of practical policy options and social structures in a world of increasing resource costs
  • Features an economic analysis of human mind and scientific theories
  • Presents an entropy theory of mind for a unified understanding of resources, information processing, and economics
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  • ISBN 978-1-4939-3466-9
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Hardcover $89.99
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About this book

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) economic theories are not consistent with physical laws and often not consistent with empirical patterns, but most feel that economic activities are too complex to be described by a simple and coherent mathematical theory. While social systems are indeed complex, all life systems, including social systems, satisfy two principles. First, all systems need to extract resources from the external environment to compensate for their consumption. Second, for a system to be viable, the amount of resource extraction has to be no less than the level of consumption. From these two principles, we derive a quantitative theory of major factors in economic activities, such as fixed cost, variable cost, discount rate, uncertainty and duration. The mathematical theory enables us to systematically measure the effectiveness of different policies and institutional structures at varying levels of resource abundance and cost.The theory presented in this book shows that there do not exist universally optimal policies or institutional structures. Instead, the impacts of different policies or social structures have to be measured within the context of existing levels of resource abundance. As the physical costs of extracting resources rise steadily, many policy assumptions adopted in mainstream economic theories, and workable in times of cheap and abundant energy supplies and other resources, need to be reconsidered. In this rapidly changing world, the theory presented here provides a solid foundation for examining the long-term impacts of today's policy decisions.

Table of contents (6 chapters)

Buy this book

eBook $69.99
price for USA
  • ISBN 978-1-4939-3466-9
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $89.99
price for USA
  • ISBN 978-1-4939-3464-5
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
The Unity of Science and Economics
Book Subtitle
A New Foundation of Economic Theory
Authors
Copyright
2016
Publisher
Springer-Verlag New York
Copyright Holder
Springer Science+Business Media New York
eBook ISBN
978-1-4939-3466-9
DOI
10.1007/978-1-4939-3466-9
Hardcover ISBN
978-1-4939-3464-5
Edition Number
1
Number of Pages
XVI, 136
Topics