Author(s)

Yi-Jang Yu

Department of Economics and Finance, Ming Chuan University, Taoyuan.

After the industrial revolution, the long-term effort of resolving the threat of resource scarcity was accomplished globally in the 1950s. However, the threat of environmental destruction was, and still is, accumulating along the way. As mainstream economics is the main culprit of environmental destruction, it cannot be expected also to be the correct solution. Accordingly, it is suggested that a new category of “individual vs system” should be added to the economics. As the inability of the mainstream microeconomics to endogenise the environmental variable and to construct the right foundation for microeconomic analyses can be remedied based on the microeconomic natural laws within the new category, so too, can the incapability to resolve the threat of environmental destruction from the mainstream macroeconomics be reversed based on the macroeconomic natural laws also within the new category.

Resource Scarcity, Environmental Destruction, Environmental Variable, Microeconomic Natural Laws, Macroeconomic Natural Laws

Yu, Y. (2018) Adding a New Category of “Individual vs System” to the Economics. Modern Economy, 9, 1853-1867. doi: 10.4236/me.2018.911117.