Saturday, May 09, 2009

Acknowledgement in "The HUMAN ESSENCE of Economics"

Acknowledgement in The HUMAN ESSENCE of Economics
In the interim between 2006 when I published DIVINE MICROECONOMY: A Tapestry of Human Virtues and the present I became aware of a book written by Milton Shapiro. It came to my attention when I was browsing on the Mises Institute website where it was very highly recommended as a book about microeconomics from an Austrian economics perspective.

Dr. Milton Shapiro considers himself a devoted student of Mises, who he says ‘humanized economics.’ Inspired by Human Action and other works of Ludwig von Mises Milton Shapiro wrote Foundations of the Market Price System.

I found myself greatly impressed with this book written by Dr. Shapiro, who taught economics at California State Polytechnic University, Pomona for 25 years. After corresponding and speaking with Dr. Shapiro he agreed to allow me to acknowledge my indebtedness to the clarity and precision of his insights put forth in his book.

Part of my indebtedness to Dr. Shapiro is due to the information conveyed in the diagrams found in Foundations of the Market Price System which I modified and used in Chapter Three to help me to describe the core economic concepts. These include Diagram III B, Diagram III C, Diagram III D, Diagram III E, Diagram III F, Diagram III G, Diagram III H, and Table III A.
Follow me on Twitter @DivineEconomy

If you know of anyone interested in ethics and economics,
or liberty and justice, please send them this link:

1 comment:

Anonymous said...

Page: I

Norinomics (Humanized Economics)
A New Economic Philosophy with a Human Face
(MY contribution to MY people of MY planet)

An easy route to eliminate economic crisis:
De-linking of economy from economics is the simplest solution to economic crisis, if any, think it over.

Measures for stable economy:
Insulate, do not isolate, economy and economics from GDP, Sensex, Forex and Inflation. This ensures stable economy and also helps in speedy and effective recovery from economic crisis, if any, think it over.

Happiness of the people is the real economy of a nation and all other things are traps.

The mechanism that makes the people happy is called economics.

GDP, Forex, Sensex and Inflation are not the elements of economy; therefore they cannot measure the economy of a nation.

Economic policies:
Evaluate first, then adopt and finally adapt since economics is a subjective subject with objectives subjective and role-sensitive.

Inflation is the market-exaggerated disproportion in the production, distribution and consumption of goods, services and wealth. Therefore, this planning-sensitive element is not a relevant parameter for effective assessment of the economy of a nation since the imbalances disappear either by planting preventive measures or timely corrective actions or permanently installed system controls for timely actuation of precisely installed regulators.

Agriculture is the epicenter of economy, thus, no nation can survive if its farmer is suffering since agriculture and the mechanics of economics are the two reactants rigidly controlling and producing the final product generally being referred to as “Economy”, which too, is directly proportional to the speed at which a nation moves its men, material and money and, is accurately measurable for specifying its index by an economist who has sensibly blended fundamentals with commonsense and constantly qualifying himself as a precise tool for the intended job.

Real asset value of a nation:
Money in circulation is the real asset value of a nation since it is the only asset working for the nation, hence, the higher the better.

Bedrocks of economic growth:
Fair play, benefit-balancing and cooperation are the keystones that accelerate economic growth, disturbing them destroy nations.

Numbers & Digits:
Economists not isolating economy and economics from numbers and digits destroy their nations.

Wealth can neither be created nor destroyed, but it transforms into several forms and possesses enormous potential to alter the dynamics of economics, its misplacement or displacement causes proportionate degree of imbalances in the economy of the nation.

Money accumulation does not mean wealth acquisition since money seldom measures the strength of a nation or individual, more so, yellow metal.

Cooperation is the orthocenter of economy and is directly proportional to the need and inversely proportional to the greed of the nations. Nations necessarily viewing cooperation as basic necessity become all-time rich.

Farmer’s Role:
Politicians in power seldom comeback to power by ignoring farmer, politicians aspiring power seldom come to power by ignoring farmer, political parties ignoring farmer do not survive.

NVSN Murthy, a passing visitor on earth humanizing essentials.