• Reality Based Economics

    Author(s):
    Ken Blawatt (see profile)
    Date:
    2018
    Subject(s):
    Economics
    Item Type:
    Conference proceeding
    Conf. Title:
    Advances in University Education
    Conf. Org.:
    World Universities Forum
    Conf. Loc.:
    Vancouver, BC Canada
    Conf. Date:
    January 10 -11, 2013
    Tag(s):
    Consumer Behavior, marconomics, marketing
    Permanent URL:
    http://dx.doi.org/10.17613/M6627B
    Abstract:
    The education of students in neoclassical economics as currently taught in universities promotes a false set of values that encourages in society the misapplication of resources and economic efforts. The “principles” that are used to give foundation to economic analysis and explanations of the economy are no longer supportable. Lester Thurow makes the observation that, “One of the peculiarities of economics is that it still rests on a behavioral assumption -- rational utility maximization -- that has long since been rejected by sociologists and psychologists who specialize in studying human behaviour.” The linchpin of classical economics is the concept of demand and the ubiquitous demand curve. This foundation is flawed and does not reflect the reality of the marketplace. The essence of economic activity is in the transaction between buyer and seller. All else is supportive to this exchange. The paper examines the source for economic activity and develops a paradigm that more accurately defines the economic process. The results establish a platform leading to the creation of education in real time market based economics.
    Notes:
    The text introduces the new term - marconomics - as a combination of marketing and economics.
    Metadata:
    Status:
    Published
    Last Updated:
    2 years ago
    License:
    All Rights Reserved
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