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This paper introduces a highly original theory. What is human capital or knowledge theoretically? How do innovations happen? How could microeconomics integrate with macroeconomics? Where do institutions & organizations come from? How to define and endogenize money? How to synthesize irrationalities into rationalities? How to coordinate dynamics with statics (or equilibria)? Etc. All of the answers lie in the principles of computer science, which are interpreted in a distinct way transcendentally in this paper, and then reformed into a concise theory on how a person thinks. This is called the Algorithm Framework Theory, which implies the method of roundabout production of thoughts, consisting of the factors of dualism, time or speed, flows and stocks, etc. Reasoned economically, the theory surprisingly leads to pluralism, conflicts, subjectivities, irrationalities, innovations, developments, the Combinatorial Explosions and eventually an embracive paradigm of the society. This means that a unified social science and a unified economics takes shape. Also methodological synthesis is included briefly.
Philosopher Ernst Mach once proposed that human thinking should be viewed from an economic perspective. This idea has been neglected for a long time, this may be due to the lack of a basic theory on how a person thinks, so that economists cannot analyze thinking as physical production. Computer science indicates that thinking means the processes in which a finite number of innate "Instructions" act serially, alternately and selectively on the pieces of information. This Kantian principle gives the roundabout method of production of thoughts, which consumes resources and time, and which requires and produces knowledge stocks. Optimizing the computing economy and the decision-making timeliness, human computations must frequently adopt various methods other than deductive reasoning, thus leading to the "subjective turn" or "Mental Distortions", and then the occurrence of innovations. The "combinational explosion" effect between Instructions and data can prove and foresee that the socioeconomic world is a one-way and explosive evolution similar to the "Big Bang". This brings the synthesis or unification of various economics.
We briefly discuss ideas about computable economics, and comment on the contributions of A.A. Lewis and K.V. Velupillai.We then sketch the mathematical background for the Tsuji et al. (Tsuji, M., da Costa, N.C.A., Doria, F.A., 1998. The incompleteness of theories of games. Journal of Philosophical Logic 27, 553–564) result on the undecidability and incompleteness of game theory and of the theory of competitive markets, using that result in the concluding sections of the paper to examine the (possible) empirical interpretation of economic and social systems as computing devices
Today's Problems in The MInds of The Great Economists
Today's Problems in The Minds of The Great Economists2021 •
This book presents the history of economic thought as it relates to today’s most pressing problems, and it emphasizes the critical connection that exists between what may seem cold, unrealistic mathematical economic models, and the quality of everyday life of any citizen of the planet earth. It shows how contemporary developments in neoclassical theoretical models in Welfare Economics, General Equilibrium Theory, Information Economics and Game Theory have created the necessity to integrate the neoclassical theory of free markets and the institutional theory. It argues that while the main goal of economics is to improve human wellbeing in a broad sense, the quality of human life; we should also take into account its second goal, which is to improve the microeconomic efficiency of the system. We should not lose sight of the fundamental contributions of the free markets, and of neoclassical economics which have seriously influenced the digital and financial revolutions that have allowed the ICT Revolution to happen. Individual freedom and creativity are critical for the success of capitalism. But they do not happen in a vacuum, institutions are required. It argues that the future of economic theory and policy will be defined by contributions in three fronts: pure theoretical models of free markets, institutional models, and models capable to integrate the interaction between free markets and institutions in the final determination of the actual economic equilibrium.
The Review of Austrian Economics
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22 From Agent-based Computational Economics Towards Cognitive Economics2004 •
This review explores the epistemological presuppositions of Algorithmic Thinking Theory, on which Bin Li (2023) draws to explain why and how market-government diversity intensifies the prosperity of nations and provides them with a strategic advantage in a competitive age. The review then offers some avenues for deepening the epistemological framework of Algorithmic Thinking Theory with regard to what is proposed in a concise and rigorous manner, particularly in light of Khwarizmi's book entitled "al-Jabr wa al-Muqabala" (Calculation through restoration and comparison), in which he considers that the computational process could only be applicable to the quantifiable facts of people's daily lives. This important clarification, which deserves attention, provides an opportunity to better explore Algorithmic Thinking Theory and provide it with a more in-depth epistemological framework.
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