Although principles underlying binary economics were first published in Kelso and Adler [Kelso, L.O., Adler, M., 1958. The capitalist manifesto, downloadable at Kelso Institute], the many books and papers that discuss the subject generally do not utilize conventional economics language. To facilitate the teaching of binary economics in beginning and intermediate college courses in economics and business, the paper explains some major microeconomic and macroeconomic fundamentals of binary economics by utilizing conventional neo-classical economic models. It then compares the theoretical results reached in a non-binary economic environment to those that may be reached in a binary one. The most important result from the comparison is that, in a non-binary environment, the economy would employ less than full potential capital and thus generate less than optimum output, consumption, saving and investment. The authors hope the article will help the reader to (a) understand the binary principles and (b) analyze the 'binary promise' of greater growth based on a broader distribution of capital ownership.
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Volume (Year): 37 (2008)
Issue (Month): 4 (August)
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References listed on IDEAS
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- Gauche, Jerry N., 1998. "Binary economic modes for the privatization of public assets," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 27(3), pages 445-459.
- Stephen D. Oliner & Daniel E. Sichel, 2000.
"The resurgence of growth in the late 1990s: is information technology the story?,"
Federal Reserve Bank of San Francisco.
- Stephen D. Oliner & Daniel E. Sichel, 2000. "The Resurgence of Growth in the Late 1990s: Is Information Technology the Story?," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 3-22, Fall.
- Stephen D. Oliner & Daniel E. Sichel, 2000. "The resurgence of growth in the late 1990s: is information technology the story?," Finance and Economics Discussion Series 2000-20, Board of Governors of the Federal Reserve System (U.S.).
- Kane, Stephen V., 2000. "The theory of productiveness: a microeconomic and macroeconomic analysis of binary growth and output in the Kelso system1," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 29(6), pages 541-563, November.
- Ashford, Robert, 1996. "Louis Kelso's binary economy," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 25(1), pages 1-53.
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