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Conventional Economic Theory — A Critique Highlighting Flaws In American Style Capitalism

Author

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  • JOERGEN OERSTROEM MOELLER

    (Institute of South East Asian Studies, 30 Heng Mui Keng Terrace, Pasir Panjang, Singapore 119614, Singapore;
    Singapore Management University & Copenhagen Business School, Ministry of Foreign Affairs Diplomatic Academy, Singapore)

Abstract

For 200 years, we have lived with capitalism in its American style forged easy access to raw materials. Despite entering an era of scarcities, economics is still anchored in growth and distribution theories reflecting the world of plenty. Production theory does not recognize the significance of sharing of knowledge and group behavior introduced by ICT. Consumption theory is still about buying 'more', neglecting the element of uncertainty. Competition has been eradicated and replaced by a limited number of gigantic corporations. Only recently has economics started to go interdisciplinary to incorporate psychology and brain research to explain behavior when confronted with economic choices and the difference between individual and group behavior.

Suggested Citation

  • Joergen Oerstroem Moeller, 2011. "Conventional Economic Theory — A Critique Highlighting Flaws In American Style Capitalism," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 56(01), pages 1-18.
    • Handle: RePEc:wsi:serxxx:v:56:y:2011:i:01:n:s0217590811004067
    DOI: 10.1142/S0217590811004067
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    Keywords

    Capitalism; competition; burden sharing; social costs; interdisciplinary; A12; A13;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values

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