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Item type:Publication, Scientific economic laws of capitalism(Springer International Publishing, 2021-09-16)The discovery of causality relations is one of the main objectives of science. Epistemology principles dictate that causality relations can only be derived from scientific theories. Therefore, the answer to the questions of why and how capitalism functions in a particular way cannot come from data alone, but from an economic theory that has survived the falsification process; that is, in order to understand the real world, the construction of an world is a necessary condition. No theory, no causality, and no explanation. Unified theory of capitalism satisfies these epistemological requirements. Therefore, this essay presents the causality relations that the unified theory is able to establish, which constitute the economic laws of capitalism. A comparison with the laws derived from standard economics is also presented. The nature of scientific laws in economics is then discussed. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Introduction to unified theory of capitalism(Springer International Publishing, 2021-09-16)This essay is an introduction to unified theory of capitalism. It is intended to make the essays of the book more accessible. In the first part, the chapter presents the epistemological principles of economics and then the primary assumptions of the unified theory, its empirical predictions, and the consistency of predictions with facts. Thus it is shown that indeed the unified theory is a good representation of the real-world capitalism. The second part of the chapter compares, based on epistemological criteria, the traits of the unified theory with those of the prevailing economic theories, namely, neoclassical, Keynesian, and Marxian. On epistemological grounds, the unified theory appears to be superior as it can explain facts that the other theories also can, but explains additional facts that the others cannot. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Inequality, power relations, and democracy(Springer International Publishing, 2021-09-16)In the post-World War II period, capitalism has been characterized by rapid economic growth, but accompanied by social maladies as side effects. This has been the growth age of capitalism, as growth rates of output per capita have been higher than ever. The basic social maladies include income inequality, social disorder, and environment degradation. Today's social maladies are also higher than ever. This outcome is certainly a paradox in a democratic society. The unified theory of capitalism supplies an explanation: The outcome reflects the power relations under which democratic capitalism operates. Given this striking finding, this essay summarizes the foundations of the unified theory and the epistemological justification of its findings, and then elaborates further on the explanation. The ultimate factor explaining the outcome of growth with social maladies in the capitalist system, taken by parts and taken as a whole, is the initial inequality. Societies that are very unequal by birth can hardly attain social progress. The initial inequality is truly a curse. - Some of the metrics are blocked by yourconsent settings
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