How to Evolve Economics at Third Step: A New Approach to the Economy

Yongshik Choe Seong-yop You
Abstract
In the economy, there usually happen the intersections between the rise and fall of price and between the increase and decrease of income. These inflections cannot happen when one principle works. They appear when two more principles operate to generate two more vectors which collide each other to synthesize. In fact, there are three principles of decision, fluctuation and chaos for each phenomenon of price and income. These principles generate three vectors to collide synthesizing each phenomenon and create those inflections. And all economic phenomena are synthesized by the primary phenomena of price, income and system, of which fact is the same as the colors in the nature being a composite of the primary colors of red, yellow and blue. Relying on the above discoveries, this paper investigates a new way to evolve all theories and lays the foundation to establish a new paradigm, after dismantling the ideologies of capitalism and socialism which hinder the evolution of economics and modifying the axioms which are distant from the reality as discussed at our other two papers. The new theories thereby evolved would be much competent in explaining, diagnosing and predicting economic phenomena because they nearly meet the reality.
Paper: pdf
This work is licensed under a Creative Commons Attribution 4.0 License.

ISSN(Online): 3065-176X

Frequency: Semiannually

Contact us