Miscellaneous Issues and Conclusion

Wei-Bin Zhang

Chapter Chapter 16 in The General Economic Theory, 2020, pp 339-342 from Springer

Abstract: Abstract This chapter concludes the study by pointing out important issues for future study within the framework proposed in this book. This book applies my concepts of current and disposable incomes and utility function to develop a general economic theory. I deviate from the Ramsey approach to household behavior in theoretical economics. The book has integrated various ideas and theories in economics within an integrated framework. All the models in this book can be integrated in a single model. I provide computational procedures to simulate all the models. An economic theory like the one proposed in this book should appear, even a few decades ago, only conceptual as there was no computer available to visualize movement of complicated dynamic systems. The recent development of mathematics, sciences, and computer and accesses to individuals as well as government data imply that the theory is not only operational and insightful but also can be tested, extended, and generalized. There are more issues which can be analyzed by my analytical framework. I have focused on the main forces and simplified structures of the traditional theories. Each traditional theory referred in this book has a large amount of the literature. My theory is general with regards to connecting various main economic forces of different theories. From the beginning of constructing the theory, I have had kept in mind that each of my models should be constructed in such a way that it can be integrated with the rest of models without changing its basic assumptions. Moreover, each parameter in any model can be made exogenously or endogenously changeable.

Date: 2020
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DOI: 10.1007/978-3-030-56204-5_16

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