Introduction to Unified Theory of Capitalism

Adolfo Figueroa

Chapter Chapter 1 in The Quality of Society, Volume II, 2021, pp 1-9 from Springer

Abstract: Abstract This essay is an introduction to unified theory of capitalism. It is intended to make the essays of the book more accessible. In the first part, the chapter presents the epistemological principles of economics and then the primary assumptions of the unified theory, its empirical predictions, and the consistency of predictions with facts. Thus it is shown that indeed the unified theory is a good abstract representation of the real-world capitalism. The second part of the chapter compares, based on epistemological criteria, the traits of the unified theory with those of the prevailing economic theories, namely, neoclassical, Keynesian, and Marxian. On epistemological grounds, the unified theory appears to be superior as it can explain facts that the other theories also can, but explains additional facts that the others cannot.

Keywords: Alpha–beta method; Economic growth; Environment degradation; Epistemology; Excess labor supply; Inequality; Keynesian economics; Marxian economics; Unified theory of capitalism (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-79565-8_1

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DOI: 10.1007/978-3-030-79565-8_1

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