Objective Economics

Every price is set by someone; this is where economics begins. Building on that fundamental idea and on Ayn Rand's philosophy of Objectivism, Objective Economics transforms economics. The thesis of this book is that Ayn Rand's concept of "objective" is the indispensible base of valid economic thought. Consistently applying this idea across the board, the author reaches a general theory of price for the first time in the history of economic thought. This theory of price then provides a valid base for explaining how a free economy functions. Based on facts everyone knows, presented without graphs or higher mathematics, Objective Economics makes accessible to the intelligent layman a clear understanding of how the economy works. For everyone who found college economics impenetrable--and that is just about everyone--this is the book. The thesis of Objective Economics changes everything about economics, including economics' method, the conception of the economy, the meaning of competition, the idea of price, the nature of business costs, the concept of supply, the concept of demand, the law of supply and demand, the theory of price, and the theory of total national output. Overall, as the result of all the preceding, Objective Economics demonstrates that capitalism is the practical economic system.

Every price is set by someone; this is where economics begins. Building on that fundamental idea and on Ayn Rand’s philosophy of Objectivism, Objective Economics transforms economics. The thesis of this book is that Ayn Rand’s concept of “objective” is the indispensible base of valid economic thought. Consistently applying this idea across the board, the author reaches a general theory of price for the first time in the history of economic thought. This theory of price then provides a valid base for explaining how a free economy functions. Based on facts everyone knows, presented without graphs or higher mathematics, Objective Economics makes accessible to the intelligent layman a clear understanding of how the economy works. For everyone who found college economics impenetrable—and that is just about everyone—this is the book. The thesis of Objective Economics changes everything about economics, including economics’ method, the conception of the economy, the meaning of competition, the idea of price, the nature of business costs, the concept of supply, the concept of demand, the law of supply and demand, the theory of price, and the theory of total national output. Overall, as the result of all the preceding, Objective Economics demonstrates that capitalism is the practical economic system.

A noted economist challenges the fundamental economic assumptions that cast economic growth as the objective and markets as the universally applicable means of achieving it. The global economic crisis of 2008–2009 seemed a crisis not just of economic performance but also of the system's underlying political ideology and economic theory. But a second Great Depression was averted, and the radical shift to New Deal-like economic policies predicted by some never took place. Perhaps the correct response to the crisis is simply careful management of the macroeconomic challenges as we recover, combined with reform of financial regulation to prevent a recurrence. In Economics After the Crisis, Adair Turner offers a strong counterargument to this somewhat complacent view. The crisis of 2008–2009, he writes, should prompt a wide set of challenges to economic and political assumptions and to economic theory. Turner argues that more rapid growth should not be the overriding objective for rich developed countries, that inequality should concern us, that the pre-crisis confidence in financial markets as the means of pursuing objectives was profoundly misplaced.

Human Nature in Modern Economics offers a precise definition of the concept of human nature in economics, something that is so far lacking in the theoretical and methodological literature. This book develops tools for the analysis of human nature through the construction of the author’s meta-model – based on anthropological and psychological foundations – allowing for comparisons of anthropological assumptions made in economic theories. The model demonstrates that the normative functions of human nature may affect the economic reality. The chapters argue that the concept of human nature determines our thinking about the economy and economics, including fundamental methodologies, methods and theories. Thus, the differences between various economic schools may result from the different assumptions of these schools about human nature. Those evolving views of human nature proceed to explain the development of both orthodox (mainstream) and heterodox economics. The book marks a significant addition to the literature on the history of economic thought, heterodox economics, economic theory and economic methodology. For students, it is a supplement to standard textbooks as it explains the current state of economics, especially in its heterodox branches. It will allow scholars to discover the importance of what they assume about human nature and how it may influence their research process.

This updated and expanded 1985 edition of the classic 1974 work covers deindustrialisation, industrial and competition policy, the public enterprise sector, regional and urban policy, and privatisation, as well as focussing on the firm and the industrial sector in all its facets. It remains the key work on industrial economics.

This book examines important issues on the relationship between economics and political values or ideologies, by analysing the main branches of economic theory in an historical perspective and their impact on economic policy. The book is structured as follows: Part I: Positive Economics? 1. The Positive-Normative Distinction in the History of Economic Thought Part II: Policy Objectives 2. The Objectives of Economic Policies: An Historical Review

This book sets out a systematic piece of research which attempts to assess the level of energy security in China, investigate how national energy supply security might be improved, and consider how energy trade risks might be reduced.