The Importance of Inclusive Economic Theory

Steven Rosefielde and Daniel Quinn Mills

Chapter 14 in Global Economic Turmoil and the Public Good, 2015, pp 151-154 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The antidote for doublethinking is inclusive economic theory, that is, a unified utility-seeking framework that takes explicit account of idealist rational possibilities (both perfect markets and perfect planning), bounded rationality, non-rational selection, unscrupulousness, culture, ideocracy, reckless foreign adventures, miss governance, insider control, collective risk aversion and normative ambiguity to fully illuminate the possibilities of economic management. Economic activity broadly defined is any labor, productive or exchange operation that individuals, groups or collectives feel provides value added. If they are rational and moral in a comprehensive idealist sense, then value added should be beneficial, external diseconomies aside. If people non-rationally select, are psychologically disturbed, are unscrupulous, coerced or subjected to miss government and insider control, then gains may be illusory or negative in varying degrees…

Keywords: Global Economic Crisis; Global Financial Crisis; Crisis Prevention; Global Economic Sclerosis; European Union; Monetary Union; Fiscal Union; United States; China; India; Japan; Monetary Policy; Keynesianism; Central Banking; Fiscal Policy (search for similar items in EconPapers)
Date: 2015
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