TITLE:
Adding a New Category of “Individual vs System” to the Economics
AUTHORS:
Yi-Jang Yu
KEYWORDS:
Resource Scarcity, Environmental Destruction, Environmental Variable, Microeconomic Natural Laws, Macroeconomic Natural Laws
JOURNAL NAME:
Modern Economy,
Vol.9 No.11,
November
20,
2018
ABSTRACT: 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.