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Fundamental Problems in Economic Theories

Categories: Social Science
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About Course

Modern economic theories were created at the end of feudalism in Europe. By that time, however, Enlightenment had already removed the mind from the world and economics was developed under a mind-body dualism. One fundamental outcome of this dualism was that nature did not have any value. It was humans gave who gave nature value. Since everything in economics depends on value, therefore, mind-body dualism in economics meant that economics was based on the human perception of value. This led to the demand-and-supply model of pricing (rather than the objective value added by man and nature), the treatment of money as a fictious entity (rather than a byproduct of previously expended effort), and a materialistic idea of human as a homo economicus that always thought about short-term profits and survival (rather than long-term stability and the goodness of society). In this course, we discuss several problems arising out of the mind-body separation in economics and how they have created economic chaos and catastrophe.

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Course Content

Differences Between Physics and Economics

  • The Causality of Covenants in Economics
  • The Use of Calculus in Economics
  • The Causality of Forces in Physics
  • The Use of Mathematical Models in Economics

Introduction to Bidirectional Economic Cycles

Objective and Subjective Economic Values

Financial Manipulation of Economic System

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