It appears that one of the hot topics in the economic journals is "microfoundations of macroeconomics" and work along these lines catches the attention of distinguished bodies of scholars. Pioneering work in "microfoundations of macroeconomics" contributed to the awarding of the 2006 Nobel prize in economics to Edmund Phelps.
The dominant slant in the economic literature is to present research that uses the empirical method meticulously, in this case, to further refine general equilibrium macroeconomics.
But there is a new theory that also contributes to the "microfoundations of macroeconomics" effort. So new that this blog entry may be the very first direct connection between the divine economy theory and the microfoundations of macroeconomics.
There are notable differences up front. The divine economy theory does not use the empirical method. It uses subjectivism since its origins are from the classical liberalism tradition.
In the divine economy theory equilibrium is re-defined. The powers and tendencies of equilibrium are still there but they are regarded as beyond human understanding. Instead what is given the attention is disequilibrium, which describes the real world experiences of humans.
Continuing this line of reasoning, there is no real separation between micro and macro. It is just looking at the same economy from different perspectives.
The exciting discovery that emerged from using the divine economy theory, and which was first documented in the scientific literature of economics in 2006, was the origin of all economic value. It turns out that all economic value directly or indirectly originates from the appearance of the attributes of God in the purposeful action of human beings. This is a groundbreaking and monumental discovery and serves as a launching pad for the future development of the divine economy theory.
This is also the seed of the "microfoundations of macroeconomics." Maybe a distinguished body of scholars will take notice.
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