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How Could Cognitive Revolution Happen To Economics? An Introduction to the Algorithm Framework Theory

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  • Li, Bin

Abstract

This paper introduces a highly original theory. What is human capital or knowledge theoretically? How do innovations happen? How could microeconomics integrate with macroeconomics? Where do institutions & organizations come from? How to define and endogenize money? How to synthesize irrationalities into rationalities? How to coordinate dynamics with statics (or equilibria)? Etc. All of the answers lie in the principles of computer science, which are interpreted in a distinct way transcendentally in this paper, and then reformed into a concise theory on how a person thinks. This is called the Algorithm Framework Theory, which implies the method of roundabout production of thoughts, consisting of the factors of dualism, time or speed, flows and stocks, etc. Reasoned economically, the theory surprisingly leads to pluralism, conflicts, subjectivities, irrationalities, innovations, developments, the Combinatorial Explosions and eventually an embracive paradigm of the society. This means that a unified social science and a unified economics takes shape. Also methodological synthesis is included briefly.

Suggested Citation

  • Li, Bin, 2019. "How Could Cognitive Revolution Happen To Economics? An Introduction to the Algorithm Framework Theory," MPRA Paper 110504, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:110504
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    File URL: https://mpra.ub.uni-muenchen.de/110504/1/MPRA_paper_110504.pdf
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    References listed on IDEAS

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    1. Simon, Herbert A. & Schaeffer, Jonathan, 1992. "The game of chess," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 1, chapter 1, pages 1-17, Elsevier.
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    Cited by:

    1. Li, Bin, 2022. "Algorithmic Economics," MPRA Paper 113563, University Library of Munich, Germany.
    2. Li, Bin, 2020. "The Birth of a Unified Economics," MPRA Paper 110155, University Library of Munich, Germany.
    3. Li, Bin, 2020. "Why is Algorithmic Theory a Necessary Basis of Economics?," MPRA Paper 110581, University Library of Munich, Germany.

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    More about this item

    Keywords

    Bounded Rationality; Instructions; Algorithm; Combinatorial Explosion; Subjectivity; Mental Distortion;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • Z10 - Other Special Topics - - Cultural Economics - - - General

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