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Foundations of Economic Science

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  • Gani, Mohammad Osman

Abstract

The book presents a new paradigm of economic science as a science of exchange. It introduces a new analytical tool called consistency analysis to unify the entire body of economic theory, covering micro, macro, trade, money, development and demography. It uses a new wider and deeper concept of consistent choice to overcome the limits of rational choice. It incorporates entrepreneurship and transaction costs in a theory of intermediation, and stands on institutional rules to provide predictable regularity of social action of exchange. It shows transfer of value as the necessary function of money under indirect trade, and explains the equilibrium relation between output and money.

Suggested Citation

  • Gani, Mohammad Osman, 2003. "Foundations of Economic Science," MPRA Paper 67542, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:67542
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    References listed on IDEAS

    as
    1. Chesnais, Jean-Claude, 1992. "The Demographic Transition: Stages, Patterns, and Economic Implications," OUP Catalogue, Oxford University Press, number 9780198286592.
    2. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    3. William J. Baumol, 1952. "The Transactions Demand for Cash: An Inventory Theoretic Approach," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 66(4), pages 545-556.
    4. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    5. Wolfgang F. Stolper & Paul A. Samuelson, 1941. "Protection and Real Wages," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 9(1), pages 58-73.
    6. Milton Friedman, 1957. "A Theory of the Consumption Function," NBER Books, National Bureau of Economic Research, Inc, number frie57-1, May.
    7. Harris, John R & Todaro, Michael P, 1970. "Migration, Unemployment & Development: A Two-Sector Analysis," American Economic Review, American Economic Association, vol. 60(1), pages 126-142, March.
    8. Gary S. Becker & H. Gregg Lewis, 1974. "Interaction between Quantity and Quality of Children," NBER Chapters, in: Economics of the Family: Marriage, Children, and Human Capital, pages 81-90, National Bureau of Economic Research, Inc.
    9. Milton Friedman, 1957. "Introduction to "A Theory of the Consumption Function"," NBER Chapters, in: A Theory of the Consumption Function, pages 1-6, National Bureau of Economic Research, Inc.
    10. Dixit, Avinash K., 1990. "Optimization in Economic Theory," OUP Catalogue, Oxford University Press, edition 2, number 9780198772101.
    11. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Mohammad Gani, 2004. "Money in Market Clearing," Macroeconomics 0410009, University Library of Munich, Germany.
    2. M Gani, 2004. "Micro Takes Over Macro," Macroeconomics 0404012, University Library of Munich, Germany.

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    More about this item

    Keywords

    consistent choice; transfer of value; unified economics; payment; intermediation; entrepreneurship;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • A10 - General Economics and Teaching - - General Economics - - - General
    • A19 - General Economics and Teaching - - General Economics - - - Other
    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D60 - Microeconomics - - Welfare Economics - - - General
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • K0 - Law and Economics - - General
    • Z1 - Other Special Topics - - Cultural Economics

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