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Theoretical Model and Deductive Logic Analysis of the Integration of Market and Government

In: The Innovation of Economic Theory in China

Author

Listed:
  • Zong Liang

    (Bank of China)

Abstract

Economics, as a science that studies the laws governing the operation of the economy, has constructed a grand edifice of economic theories. However, due to the existence of numerous schools of thought within economics, a unified logic has not been formed, which has somewhat dimmed the luster of economics as a science. Since economics is a science that studies the relationships and operational laws among economic variables, its logic should be unified. There should not be two or more theories or explanations that are completely conflicted with each other for the same economic variable relationship. Economist Paul Krugman believes that we must accept the market’s imperfections and the reality that a sophisticated, grand unified economic theory is still distant. This actually reflects his anticipation for the prospects of economic theory reform. In terms of the prospects for economic theory reform, whether it is possible to start from the simplest and most basic assumptions or axioms and construct an economic theory system with a unified logic, thereby realizing Krugman’s dream, and also theoretically analyzing Say’s Law, which serves as the foundation for the existence of a market economy, is an exploration that is attractive and worth pursuing.

Suggested Citation

  • Zong Liang, 2026. "Theoretical Model and Deductive Logic Analysis of the Integration of Market and Government," Springer Books, in: The Innovation of Economic Theory in China, chapter 0, pages 441-512, Springer.
    • Handle: RePEc:spr:sprchp:978-981-95-2713-7_11
    DOI: 10.1007/978-981-95-2713-7_11
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