An Economic Analysis of Efficiency and Equality Combining Epistemological True with Axiological Good Through Microeconomics to Macroeconomics

Fred Y. Ye
Additional contact information
Fred Y. Ye: European Academy of Sciences and Arts; International Joint Informatics Laboratory (IJIL), Nanjing University – University of Illinois, Nanjing -Champaign, China - USA

International Journal of Economics and Financial Research, 2020, vol. 6, issue 7, 159-169

Abstract: Applying the Arrow-Debreu-Mundell-Fleming model as an economic standard model, with combining axiological framework and epistemological model, it is proposed to analyze economic policies with using a synthetic model, where interest, exchange and tax rates are integrated together. Except normal monetary and fiscal policies mainly via interest and tax rates, there are feasible ways to utilize modified strategies via exchange and tax rates. When ones need to simulate national local market, ones can raise the exchange rate. Otherwise, when ones need to promote international global trade, ones may lower the exchange rate. It is found that tax reduction is good policy when tax rate is higher than normal and that tax increase is good social policy when tax rate is lower than normal, during economic depression. Also it is revealed that tax reduction is good social policy when tax rate is lower than normal, and that tax increase is good policy when tax rate is higher than normal, during economic overheat. While economic system seeks efficiency and social system pursues equality, common interest modifications with elastic exchange and tax rates could be applied for balancing efficiency and equality.

Keywords: Economic analysis; Economic model; Microeconomics; Macroeconomics; Interest; Exchange; Tax. (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.arpgweb.com/pdf-files/ijefr6(7)159-169.pdf (application/pdf)
https://www.arpgweb.com/journal/5/archive/07-2020/7/6 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:arp:ijefrr:2020:p:159-169

Access Statistics for this article

International Journal of Economics and Financial Research is currently edited by Dr. Abu Hassan Bin Md Isa

More articles in International Journal of Economics and Financial Research from Academic Research Publishing Group Rahim Yar Khan 64200, Punjab, Pakistan.
Bibliographic data for series maintained by Managing Editor ().