New Paradigm Economics

A pioneer treatment of monetary economics written by two of world's leading authorities.

A new era calls for new economics. This book offers a new paradigm of economics with a new perspective and a new fundamental logic system in this new century. The new paradigm originates from a fundamental fact: The main behavioral subjects of socio-economic activities are not individuals, but social organizations composed of individuals, such as families, enterprises, schools, research institutes, government branches, charity organizations and so on. So this book replaces the controversial assumption of "economic man" with the model of "the minimum economic system" abstracted from reality and establishes a new logic analysis framework of "economic unit (the minimum economic system) -- economic flow (the input and output between economic units) -- economic field (the space-time distribution of economic units and their movement)" which is totally different from all existing economics theories. As a result, this book reconstructs economics on a foundation of natural science and systems science and can explain the secret of China's rapid economic growth and other economic puzzles at the level of fundamental logic. This book replaces neoclassical and modern orthodox economics with a new economics meta-theory, making it a fascinating read and providing a valuable reference for researchers, teachers and students majoring in economics.

This book offers a collection of studies on regional integration and the dynamic business environment in East Asia. The papers included, originally presented at the 2014 Asia Pacific Business Conference on "Free Trade Agreements and Regional Integration in East Asia," examine the challenges and dynamics in the increasingly integrated East Asian markets and outline a new paradigm for doing international business in the region. The papers address diverse areas related to regional integration, financial markets, investment, trade and capital flow, sustainability, accounting and auditing issues, exchange rates, strategies and the regional business environment. The book provides a valuable resource for practitioners, policy-makers and students who are interested in understanding the vibrant aspects of business in today’s East Asia.

This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.

Modern mainstream economics is attracting an increasing number of critics of its high degree of abstraction and lack of relevance to economic reality. Economists are calling for a better reflection of the reality of imperfect information, the role of banks and credit markets, the mechanisms of economic growth, the role of institutions and the possibility that markets may not clear. While it is one thing to find flaws in current mainstream economics, it is another to offer an alternative paradigm which, can explain as much as the old, but can also account for the many 'anomalies'. That is what this book attempts. Since one of the biggest empirical challenges to the 'old' paradigm has been raised by the second largest economy in the world - Japan - this book puts the proposed 'new paradigm' to the severe test of the Japanese macroeconomic reality.

'Techno-Economic Paradigms' presents a series of essays discussing one of the most interesting and talked-about socio-economic theories of our times: techno-economic paradigm shifts.

The current economic theory of innovation mainly analyses the technology factor and its impact on economic growth. In today's world, growth in information technology and knowledge of new ideas has altered the business paradigm dramatically. Modern economies have undergone a dynamic shift from material manufacturing to a new information technology model with research and development (R&D) and human capital. Through information and communications technology efficient information usage has achieved substantial productivity gains through learning by doing and incremental innovations. The present volume discusses this new paradigm in terms of both theory and industry applications, including Schumpeter in his innovation model and the emphasis on new innovations replacing the old. Growth of business networking and R&D consortium have dramatically helped the modern business to reduce their unit costs and improve efficiency. This volume presents some new models emphasizing knowledge sharing and R&D cooperation. Rapid growth in recent times in some south Asian countries have been cited as growth miracles are largely caused by knowledge spillover and learning by doing, and this volume also investigates the role of incremental innovations. With a strong focus and extension of the current theory of innovation and industry growth experiences of both the US and Asian countries, this book will be of interest to MBA and graduate students in economics, innovation management, and applied industrial economics.

This book describes the path ahead. It combines system transformation researchwith political economy and change leadership insights when discussing the needfor a great mindshift in how human wellbeing, economic prosperity and healthyecosystems are understood if the Great Transformations ahead are to lead to moresustainability. It shows that history is made by purposefully acting humans andintroduces transformative literacy as a key skill in leading the radical incremental change

In the midst of the most serious financial upheaval since the Great Depression, legendary financier George Soros explores the origins of the crisis and its implications for the future. Soros, whose breadth of experience in financial markets is unrivaled, places the current crisis in the context of decades of study of how individuals and institutions handle the boom and bust cycles that now dominate global economic activity. “This is the worst financial crisis since the 1930s,” writes Soros in characterizing the scale of financial distress spreading across Wall Street and other financial centers around the world. In a concise essay that combines practical insight with philosophical depth, Soros makes an invaluable contribution to our understanding of the great credit crisis and its implications for our nation and the world.