Economics
Economics
The purpose of this two-part series, Economics Actually, is to provide a brief, generally accessible, introduction to a fresh approach to economics discovered by Bernard Lonergan. In 1998, his results were published by the University of Toronto Press, For a New Political Economy. However, Lonergan’s discovery has not yet been picked up by professional economists. This series sheds light on the importance of his discovery and touches on the problem of a needed paradigm shift in culture and economics, the possibility of recovery and (ongoing) progress.
The purpose of this two-part series, Economics Actually, is to provide a brief, generally accessible, introduction to a fresh approach to economics discovered by Bernard Lonergan. In 1998, his results were published by the University of Toronto Press, For a New Political Economy. However, Lonergan’s discovery has not yet been picked up by professional economists. This series sheds light on the importance of his discovery and touches on the problem of a needed paradigm shift in culture and economics, the possibility of recovery and (ongoing) progress.
Part I: A Very Brief Introduction to Economics' New Standard Model
Preface to Part I
Why not begin with facts and data? Discover key functions and relations by which to understand any economy and any economic event.
1. Early Economics
“Early Economics” is on the beginnings of economies. The setting is pre-history but the structure revealed is part of all economies, ancient and modern.
2. Two Kinds of Work
“Two Kinds of Work” goes further and describes two kinds of work and two corresponding kinds of goods and services in any economy.
3.1 – 3.2 Modern Economics
“Modern Economics” provides an ultra-brief glimpse of two kinds of supply and demand and financial structures in modern exchange economies.
3.3 Challenging Problems for Future Follow Up
To go further, it will be important to get into details and instances.
4. Economic Malpractice
“Economic Malpractice” peeks into aspects of contemporary models and financial structures that are inimical to economies, humanity and ecosystems.
5.0 – 5.2 Culture & The Economy
In “Culture & The Economy” we touch on the larger context which includes culture and economics, recovery and the possibility of (ongoing) progress.
*Melanie Gallant, Manager of Campaigns at Oxfam Canada, being interviewed, posted online,
“26 individuals are as wealthy as half of all humanity combined: Oxfam report,” CTVNews.ca,
Published Jan. 21, 2019 10:08 a.m. ET, Updated Jan. 21, 2019 2:50 p.m. ET,
https://beta.ctvnews.ca/national/world/2019/1/21/1_4262012.html
Part II: Elements of Economics' New Standard Model
Preface to Part II
“Elements of Economics’ New Standard Model” expands introductory discussion into numerous contemporary contexts.
2. Practice with Monetary Functions
In section 2, we provide a few numerical examples to help the reader gain some experience with monetary functions.
3. The Paint Industry and Beyond
In section 3, we develop a few main features of a modern exchange economy.
4. Gross Domestic Product
Section 4 provides a somewhat more detailed analysis of “gross domestic product” and similarly defined quantities, as well as raises the problem of “growth.”
5. Growth and Development
In section 5, we look briefly to problems with contemporary growth models and their results.
6. Equilibria in the Productive Process
In section 6, we point to certain equilibria in economies that are verifiable in economies, from primitive to modern.
7.0 – 7.1 Changes in the Productive Process
In section 7, we explore mechanisms by which an economy moves from one equilibrium to another.
7.2 A Closer Look at Rates and Accelerations Due to Innovation
A Closer Look at Rates and Accelerations Due to Innovation
8.0 – 8.1 Adapting to Expansion
Section 8 explores strategies needed to help an economy move to a new equilibrium.
8.3 – 8.4 New Accounting and International Trade
From Booms and Slumps to New Accounting and International Trade
9. International Trade
In the same spirit as sections 7 and 8, section 9 draws attention to how understanding the structure of international trade sheds light on economic strategies.
