Price theory, loanable fund theory, and indifference curves: theorizing authority through misuse of mathematics, logic and improbable assumptions

Achyut Oak
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Abstract

Economist Adam Smith‘s study ( 1776 ) initially was ‘Political Economy ‘, then knowledge used for eradicating poverty, want, and unemployment and then to study inflation, stagnation, recession, etc. Thus it became the science of economics. Economist J.M. Keynes viewed  ‘ Political Economy and added three definitions a) Wealth b) Welfare and c) Scarcity in the study. But Richardo shifted from production and distribution of wealth to “ The produce of earth - all that is derived from its surface by the united application of labor, machinery, and capital. Economist T.R. Malthus ( 1820 ) joined to add one more dimension of wealth “ material(productive )  wealth and immaterial ( unproductive )  wealth “.  L. Robbins and others criticized the neglect of immaterial wealth and stressed the importance of services.  Modern economists are of the view that immaterial wealth - services are essential to increase production, productivity, and good health. Economist Alfred Marshall stated, “ Political Economy or Economics is the study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and the use of the material requisites of well-being “.  Robins  ( 1931 ), defined economics based on i) Unlimited wants ii) Scarce means, and iii) Alternative uses of means. This is the historical background of definitions in Economics in general.   With utopian and illogical assumptions, passing no mathematical rigor, ignoring very vital parameters, and free use of mathematical figures as ornaments the topics of a) price theory b) loanable fund theory, and c) indifference curves have no theories, no precision but are only verbose and literary...The author feels that these topics do not deserve a place in 21st-century Economics.
价格理论、可贷基金理论和冷漠曲线:通过滥用数学、逻辑和不可能的假设将权威理论化
经济学家亚当-斯密的研究(1776 年)最初是 "政治经济学",后来用于消除贫困、匮乏和失业的知识,再后来用于研究通货膨胀、停滞、衰退等问题。因此,它成为了经济学。经济学家凯恩斯(J.M. Keynes)认为 "政治经济学 "增加了三个定义:a) 财富;b) 福利;c) 稀缺。但理查多将财富的生产和分配转变为 "地球的产物--通过劳动、机械和资本的联合应用从地球表面获得的一切"。经济学家马尔萨斯(T.R. Malthus,1820 年)加入了财富的另一个维度 "物质(生产性)财富和非物质(非生产性)财富"。 罗宾斯(L. Robbins)等人批评了对非物质财富的忽视,并强调了服务的重要性。 现代经济学家认为,非物质财富--服务对于提高生产、生产力和健康至关重要。经济学家阿尔弗雷德-马歇尔(Alfred Marshall)指出:"政治经济学或经济学是对人类日常生活的研究;它研究的是个人和社会行动中与获得和使用幸福的物质必需品最密切相关的部分"。 罗宾斯(1931 年)对经济学的定义基于 i) 无限的需求 ii) 稀缺的手段和 iii) 手段的替代用途。这就是一般经济学定义的历史背景。 a) 价格理论 b) 可贷基金理论和 c) 冷漠曲线......作者认为,这些主题在 21 世纪的经济学中不配占有一席之地。
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