Amalfi IPSI Conference, March 2010
25
Concordian Economics On the transformation of the “dismal science” of economics into The Economics of JUBILATION by Carmine Gorga
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Economic theory, policy, and practice are integrated into a new format that respects rules of common logic as well as formal logic. By looking into the "black box," we can control what happens in the economic system. The aim is to build economic freedom and economic justice for all.
Transcript of Amalfi IPSI Conference, March 2010
Concordian Economics
On the transformation of the ldquodismal sciencerdquo of economics
into
The Economics of JUBILATION
by Carmine Gorga
Keynesrsquo Model
Income = Consumption + Investment
Saving = Income ndash Consumption
Saving = Investment
Mainstream Economics
Does not respect principles of
IDENTITY NON-CONTRADICTIONEQUIVALENCE
Classical and Neoclassical Analysis
A BLACK BOX
D S
E
Price
Quantity
E = equilibrium and exchange
Pivoting Keynesrsquo Model
Y = C + I
S = Y - C
S = I
Flows Model
Income = Consumption + Saving (H)
Investment = Income ndash Saving (H)
Investment = Consumption
H = Hoarding
Parable of Talents
Investment equals
Income minus
Hoarding
Parable of Talents
0
Investment
100 Hoarding
More hoarding less growthMore hoarding more inflationMore hoarding more poverty
Investment = Consumption
Investment is only and always investment
Consumption is only and always consumption
Investment is production of real wealth
Consumption is expenditure of money
Investment is equivalent to Consumption
An Equivalence
The Economic System is observed from
Three Points of View
PRODUCTION or real wealth
DISTRIBUTION of ownership rights
CONSUMPTION of monetary wealth
Production Process
P = CG + KG + GH
KG = P ndash (GH + CG)
KG = OKG
P = Production of real wealth
CG = Consumer Goods
KG = Capital Goods
GH = Goods Hoarded
OKG = Ownership of capital goods
Distribution Process
D = OCG + OKG + OGHOKG = D ndash (OGH + OCG)
OKG = I
D = Distribution of ownership rightsOCG = Ownership of Consumer GoodsOKG = Ownership of Capital GoodsOGH = Ownership of Goods Hoarded
Consumption Process
C = Eh + E
I = C ndash EhI = E
Eh = money reserved for Hoarding-ExpenditureE = money reserved for Expenditure (on consumer
goods and capital goods)
General Synthetic Model
p = fp(pdc)d = fd(pdc)c = fc(pdc)
p = rate of change in total productiond = rate of change in distribution of
ownership rights c = rate of change in total expenditure
General Analytic Model
p = f(rdmec)d = f(YLrWR)
c = f(wdm)
r = rate of interest d = existing distributionmec = marginal efficiency of capital
YL = labor income rW = capital incomeR = rent w = real wealth
m = monetary wealth
Disaggregating AS
A Poincareacute section of production process
CG
KG
GH
CG = Consumer goods KG = Capital goods GH = Goods hoarded
Disaggregating ADO
A Poincareacute section of distribution process
owningmajority of assets
owningremainder of assets
owning only debt
Disaggregating AD
A Poincareacute section of consumption process
ECG
EKG
EGH
E = expenditure on consumer goods (CG) capital goods (KG) and goods hoarded (GH)
Flows of Values
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
Keynesrsquo Model
Income = Consumption + Investment
Saving = Income ndash Consumption
Saving = Investment
Mainstream Economics
Does not respect principles of
IDENTITY NON-CONTRADICTIONEQUIVALENCE
Classical and Neoclassical Analysis
A BLACK BOX
D S
E
Price
Quantity
E = equilibrium and exchange
Pivoting Keynesrsquo Model
Y = C + I
S = Y - C
S = I
Flows Model
Income = Consumption + Saving (H)
Investment = Income ndash Saving (H)
Investment = Consumption
H = Hoarding
Parable of Talents
Investment equals
Income minus
Hoarding
Parable of Talents
0
Investment
100 Hoarding
More hoarding less growthMore hoarding more inflationMore hoarding more poverty
Investment = Consumption
Investment is only and always investment
Consumption is only and always consumption
Investment is production of real wealth
Consumption is expenditure of money
Investment is equivalent to Consumption
An Equivalence
The Economic System is observed from
Three Points of View
PRODUCTION or real wealth
DISTRIBUTION of ownership rights
CONSUMPTION of monetary wealth
Production Process
P = CG + KG + GH
KG = P ndash (GH + CG)
KG = OKG
P = Production of real wealth
CG = Consumer Goods
KG = Capital Goods
GH = Goods Hoarded
OKG = Ownership of capital goods
Distribution Process
D = OCG + OKG + OGHOKG = D ndash (OGH + OCG)
OKG = I
D = Distribution of ownership rightsOCG = Ownership of Consumer GoodsOKG = Ownership of Capital GoodsOGH = Ownership of Goods Hoarded
Consumption Process
C = Eh + E
I = C ndash EhI = E
Eh = money reserved for Hoarding-ExpenditureE = money reserved for Expenditure (on consumer
goods and capital goods)
General Synthetic Model
p = fp(pdc)d = fd(pdc)c = fc(pdc)
p = rate of change in total productiond = rate of change in distribution of
ownership rights c = rate of change in total expenditure
General Analytic Model
p = f(rdmec)d = f(YLrWR)
c = f(wdm)
r = rate of interest d = existing distributionmec = marginal efficiency of capital
YL = labor income rW = capital incomeR = rent w = real wealth
m = monetary wealth
Disaggregating AS
A Poincareacute section of production process
CG
KG
GH
CG = Consumer goods KG = Capital goods GH = Goods hoarded
Disaggregating ADO
A Poincareacute section of distribution process
owningmajority of assets
owningremainder of assets
owning only debt
Disaggregating AD
A Poincareacute section of consumption process
ECG
EKG
EGH
E = expenditure on consumer goods (CG) capital goods (KG) and goods hoarded (GH)
Flows of Values
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
Mainstream Economics
Does not respect principles of
IDENTITY NON-CONTRADICTIONEQUIVALENCE
Classical and Neoclassical Analysis
A BLACK BOX
D S
E
Price
Quantity
E = equilibrium and exchange
Pivoting Keynesrsquo Model
Y = C + I
S = Y - C
S = I
Flows Model
Income = Consumption + Saving (H)
Investment = Income ndash Saving (H)
Investment = Consumption
H = Hoarding
Parable of Talents
Investment equals
Income minus
Hoarding
Parable of Talents
0
Investment
100 Hoarding
More hoarding less growthMore hoarding more inflationMore hoarding more poverty
Investment = Consumption
Investment is only and always investment
Consumption is only and always consumption
Investment is production of real wealth
Consumption is expenditure of money
Investment is equivalent to Consumption
An Equivalence
The Economic System is observed from
Three Points of View
PRODUCTION or real wealth
DISTRIBUTION of ownership rights
CONSUMPTION of monetary wealth
Production Process
P = CG + KG + GH
KG = P ndash (GH + CG)
KG = OKG
P = Production of real wealth
CG = Consumer Goods
KG = Capital Goods
GH = Goods Hoarded
OKG = Ownership of capital goods
Distribution Process
D = OCG + OKG + OGHOKG = D ndash (OGH + OCG)
OKG = I
D = Distribution of ownership rightsOCG = Ownership of Consumer GoodsOKG = Ownership of Capital GoodsOGH = Ownership of Goods Hoarded
Consumption Process
C = Eh + E
I = C ndash EhI = E
Eh = money reserved for Hoarding-ExpenditureE = money reserved for Expenditure (on consumer
goods and capital goods)
General Synthetic Model
p = fp(pdc)d = fd(pdc)c = fc(pdc)
p = rate of change in total productiond = rate of change in distribution of
ownership rights c = rate of change in total expenditure
General Analytic Model
p = f(rdmec)d = f(YLrWR)
c = f(wdm)
r = rate of interest d = existing distributionmec = marginal efficiency of capital
YL = labor income rW = capital incomeR = rent w = real wealth
m = monetary wealth
Disaggregating AS
A Poincareacute section of production process
CG
KG
GH
CG = Consumer goods KG = Capital goods GH = Goods hoarded
Disaggregating ADO
A Poincareacute section of distribution process
owningmajority of assets
owningremainder of assets
owning only debt
Disaggregating AD
A Poincareacute section of consumption process
ECG
EKG
EGH
E = expenditure on consumer goods (CG) capital goods (KG) and goods hoarded (GH)
Flows of Values
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
Classical and Neoclassical Analysis
A BLACK BOX
D S
E
Price
Quantity
E = equilibrium and exchange
Pivoting Keynesrsquo Model
Y = C + I
S = Y - C
S = I
Flows Model
Income = Consumption + Saving (H)
Investment = Income ndash Saving (H)
Investment = Consumption
H = Hoarding
Parable of Talents
Investment equals
Income minus
Hoarding
Parable of Talents
0
Investment
100 Hoarding
More hoarding less growthMore hoarding more inflationMore hoarding more poverty
Investment = Consumption
Investment is only and always investment
Consumption is only and always consumption
Investment is production of real wealth
Consumption is expenditure of money
Investment is equivalent to Consumption
An Equivalence
The Economic System is observed from
Three Points of View
PRODUCTION or real wealth
DISTRIBUTION of ownership rights
CONSUMPTION of monetary wealth
Production Process
P = CG + KG + GH
KG = P ndash (GH + CG)
KG = OKG
P = Production of real wealth
CG = Consumer Goods
KG = Capital Goods
GH = Goods Hoarded
OKG = Ownership of capital goods
Distribution Process
D = OCG + OKG + OGHOKG = D ndash (OGH + OCG)
OKG = I
D = Distribution of ownership rightsOCG = Ownership of Consumer GoodsOKG = Ownership of Capital GoodsOGH = Ownership of Goods Hoarded
Consumption Process
C = Eh + E
I = C ndash EhI = E
Eh = money reserved for Hoarding-ExpenditureE = money reserved for Expenditure (on consumer
goods and capital goods)
General Synthetic Model
p = fp(pdc)d = fd(pdc)c = fc(pdc)
p = rate of change in total productiond = rate of change in distribution of
ownership rights c = rate of change in total expenditure
General Analytic Model
p = f(rdmec)d = f(YLrWR)
c = f(wdm)
r = rate of interest d = existing distributionmec = marginal efficiency of capital
YL = labor income rW = capital incomeR = rent w = real wealth
m = monetary wealth
Disaggregating AS
A Poincareacute section of production process
CG
KG
GH
CG = Consumer goods KG = Capital goods GH = Goods hoarded
Disaggregating ADO
A Poincareacute section of distribution process
owningmajority of assets
owningremainder of assets
owning only debt
Disaggregating AD
A Poincareacute section of consumption process
ECG
EKG
EGH
E = expenditure on consumer goods (CG) capital goods (KG) and goods hoarded (GH)
Flows of Values
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
Pivoting Keynesrsquo Model
Y = C + I
S = Y - C
S = I
Flows Model
Income = Consumption + Saving (H)
Investment = Income ndash Saving (H)
Investment = Consumption
H = Hoarding
Parable of Talents
Investment equals
Income minus
Hoarding
Parable of Talents
0
Investment
100 Hoarding
More hoarding less growthMore hoarding more inflationMore hoarding more poverty
Investment = Consumption
Investment is only and always investment
Consumption is only and always consumption
Investment is production of real wealth
Consumption is expenditure of money
Investment is equivalent to Consumption
An Equivalence
The Economic System is observed from
Three Points of View
PRODUCTION or real wealth
DISTRIBUTION of ownership rights
CONSUMPTION of monetary wealth
Production Process
P = CG + KG + GH
KG = P ndash (GH + CG)
KG = OKG
P = Production of real wealth
CG = Consumer Goods
KG = Capital Goods
GH = Goods Hoarded
OKG = Ownership of capital goods
Distribution Process
D = OCG + OKG + OGHOKG = D ndash (OGH + OCG)
OKG = I
D = Distribution of ownership rightsOCG = Ownership of Consumer GoodsOKG = Ownership of Capital GoodsOGH = Ownership of Goods Hoarded
Consumption Process
C = Eh + E
I = C ndash EhI = E
Eh = money reserved for Hoarding-ExpenditureE = money reserved for Expenditure (on consumer
goods and capital goods)
General Synthetic Model
p = fp(pdc)d = fd(pdc)c = fc(pdc)
p = rate of change in total productiond = rate of change in distribution of
ownership rights c = rate of change in total expenditure
General Analytic Model
p = f(rdmec)d = f(YLrWR)
c = f(wdm)
r = rate of interest d = existing distributionmec = marginal efficiency of capital
YL = labor income rW = capital incomeR = rent w = real wealth
m = monetary wealth
Disaggregating AS
A Poincareacute section of production process
CG
KG
GH
CG = Consumer goods KG = Capital goods GH = Goods hoarded
Disaggregating ADO
A Poincareacute section of distribution process
owningmajority of assets
owningremainder of assets
owning only debt
Disaggregating AD
A Poincareacute section of consumption process
ECG
EKG
EGH
E = expenditure on consumer goods (CG) capital goods (KG) and goods hoarded (GH)
Flows of Values
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
Flows Model
Income = Consumption + Saving (H)
Investment = Income ndash Saving (H)
Investment = Consumption
H = Hoarding
Parable of Talents
Investment equals
Income minus
Hoarding
Parable of Talents
0
Investment
100 Hoarding
More hoarding less growthMore hoarding more inflationMore hoarding more poverty
Investment = Consumption
Investment is only and always investment
Consumption is only and always consumption
Investment is production of real wealth
Consumption is expenditure of money
Investment is equivalent to Consumption
An Equivalence
The Economic System is observed from
Three Points of View
PRODUCTION or real wealth
DISTRIBUTION of ownership rights
CONSUMPTION of monetary wealth
Production Process
P = CG + KG + GH
KG = P ndash (GH + CG)
KG = OKG
P = Production of real wealth
CG = Consumer Goods
KG = Capital Goods
GH = Goods Hoarded
OKG = Ownership of capital goods
Distribution Process
D = OCG + OKG + OGHOKG = D ndash (OGH + OCG)
OKG = I
D = Distribution of ownership rightsOCG = Ownership of Consumer GoodsOKG = Ownership of Capital GoodsOGH = Ownership of Goods Hoarded
Consumption Process
C = Eh + E
I = C ndash EhI = E
Eh = money reserved for Hoarding-ExpenditureE = money reserved for Expenditure (on consumer
goods and capital goods)
General Synthetic Model
p = fp(pdc)d = fd(pdc)c = fc(pdc)
p = rate of change in total productiond = rate of change in distribution of
ownership rights c = rate of change in total expenditure
General Analytic Model
p = f(rdmec)d = f(YLrWR)
c = f(wdm)
r = rate of interest d = existing distributionmec = marginal efficiency of capital
YL = labor income rW = capital incomeR = rent w = real wealth
m = monetary wealth
Disaggregating AS
A Poincareacute section of production process
CG
KG
GH
CG = Consumer goods KG = Capital goods GH = Goods hoarded
Disaggregating ADO
A Poincareacute section of distribution process
owningmajority of assets
owningremainder of assets
owning only debt
Disaggregating AD
A Poincareacute section of consumption process
ECG
EKG
EGH
E = expenditure on consumer goods (CG) capital goods (KG) and goods hoarded (GH)
Flows of Values
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
Parable of Talents
Investment equals
Income minus
Hoarding
Parable of Talents
0
Investment
100 Hoarding
More hoarding less growthMore hoarding more inflationMore hoarding more poverty
Investment = Consumption
Investment is only and always investment
Consumption is only and always consumption
Investment is production of real wealth
Consumption is expenditure of money
Investment is equivalent to Consumption
An Equivalence
The Economic System is observed from
Three Points of View
PRODUCTION or real wealth
DISTRIBUTION of ownership rights
CONSUMPTION of monetary wealth
Production Process
P = CG + KG + GH
KG = P ndash (GH + CG)
KG = OKG
P = Production of real wealth
CG = Consumer Goods
KG = Capital Goods
GH = Goods Hoarded
OKG = Ownership of capital goods
Distribution Process
D = OCG + OKG + OGHOKG = D ndash (OGH + OCG)
OKG = I
D = Distribution of ownership rightsOCG = Ownership of Consumer GoodsOKG = Ownership of Capital GoodsOGH = Ownership of Goods Hoarded
Consumption Process
C = Eh + E
I = C ndash EhI = E
Eh = money reserved for Hoarding-ExpenditureE = money reserved for Expenditure (on consumer
goods and capital goods)
General Synthetic Model
p = fp(pdc)d = fd(pdc)c = fc(pdc)
p = rate of change in total productiond = rate of change in distribution of
ownership rights c = rate of change in total expenditure
General Analytic Model
p = f(rdmec)d = f(YLrWR)
c = f(wdm)
r = rate of interest d = existing distributionmec = marginal efficiency of capital
YL = labor income rW = capital incomeR = rent w = real wealth
m = monetary wealth
Disaggregating AS
A Poincareacute section of production process
CG
KG
GH
CG = Consumer goods KG = Capital goods GH = Goods hoarded
Disaggregating ADO
A Poincareacute section of distribution process
owningmajority of assets
owningremainder of assets
owning only debt
Disaggregating AD
A Poincareacute section of consumption process
ECG
EKG
EGH
E = expenditure on consumer goods (CG) capital goods (KG) and goods hoarded (GH)
Flows of Values
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
Parable of Talents
0
Investment
100 Hoarding
More hoarding less growthMore hoarding more inflationMore hoarding more poverty
Investment = Consumption
Investment is only and always investment
Consumption is only and always consumption
Investment is production of real wealth
Consumption is expenditure of money
Investment is equivalent to Consumption
An Equivalence
The Economic System is observed from
Three Points of View
PRODUCTION or real wealth
DISTRIBUTION of ownership rights
CONSUMPTION of monetary wealth
Production Process
P = CG + KG + GH
KG = P ndash (GH + CG)
KG = OKG
P = Production of real wealth
CG = Consumer Goods
KG = Capital Goods
GH = Goods Hoarded
OKG = Ownership of capital goods
Distribution Process
D = OCG + OKG + OGHOKG = D ndash (OGH + OCG)
OKG = I
D = Distribution of ownership rightsOCG = Ownership of Consumer GoodsOKG = Ownership of Capital GoodsOGH = Ownership of Goods Hoarded
Consumption Process
C = Eh + E
I = C ndash EhI = E
Eh = money reserved for Hoarding-ExpenditureE = money reserved for Expenditure (on consumer
goods and capital goods)
General Synthetic Model
p = fp(pdc)d = fd(pdc)c = fc(pdc)
p = rate of change in total productiond = rate of change in distribution of
ownership rights c = rate of change in total expenditure
General Analytic Model
p = f(rdmec)d = f(YLrWR)
c = f(wdm)
r = rate of interest d = existing distributionmec = marginal efficiency of capital
YL = labor income rW = capital incomeR = rent w = real wealth
m = monetary wealth
Disaggregating AS
A Poincareacute section of production process
CG
KG
GH
CG = Consumer goods KG = Capital goods GH = Goods hoarded
Disaggregating ADO
A Poincareacute section of distribution process
owningmajority of assets
owningremainder of assets
owning only debt
Disaggregating AD
A Poincareacute section of consumption process
ECG
EKG
EGH
E = expenditure on consumer goods (CG) capital goods (KG) and goods hoarded (GH)
Flows of Values
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
Investment = Consumption
Investment is only and always investment
Consumption is only and always consumption
Investment is production of real wealth
Consumption is expenditure of money
Investment is equivalent to Consumption
An Equivalence
The Economic System is observed from
Three Points of View
PRODUCTION or real wealth
DISTRIBUTION of ownership rights
CONSUMPTION of monetary wealth
Production Process
P = CG + KG + GH
KG = P ndash (GH + CG)
KG = OKG
P = Production of real wealth
CG = Consumer Goods
KG = Capital Goods
GH = Goods Hoarded
OKG = Ownership of capital goods
Distribution Process
D = OCG + OKG + OGHOKG = D ndash (OGH + OCG)
OKG = I
D = Distribution of ownership rightsOCG = Ownership of Consumer GoodsOKG = Ownership of Capital GoodsOGH = Ownership of Goods Hoarded
Consumption Process
C = Eh + E
I = C ndash EhI = E
Eh = money reserved for Hoarding-ExpenditureE = money reserved for Expenditure (on consumer
goods and capital goods)
General Synthetic Model
p = fp(pdc)d = fd(pdc)c = fc(pdc)
p = rate of change in total productiond = rate of change in distribution of
ownership rights c = rate of change in total expenditure
General Analytic Model
p = f(rdmec)d = f(YLrWR)
c = f(wdm)
r = rate of interest d = existing distributionmec = marginal efficiency of capital
YL = labor income rW = capital incomeR = rent w = real wealth
m = monetary wealth
Disaggregating AS
A Poincareacute section of production process
CG
KG
GH
CG = Consumer goods KG = Capital goods GH = Goods hoarded
Disaggregating ADO
A Poincareacute section of distribution process
owningmajority of assets
owningremainder of assets
owning only debt
Disaggregating AD
A Poincareacute section of consumption process
ECG
EKG
EGH
E = expenditure on consumer goods (CG) capital goods (KG) and goods hoarded (GH)
Flows of Values
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
An Equivalence
The Economic System is observed from
Three Points of View
PRODUCTION or real wealth
DISTRIBUTION of ownership rights
CONSUMPTION of monetary wealth
Production Process
P = CG + KG + GH
KG = P ndash (GH + CG)
KG = OKG
P = Production of real wealth
CG = Consumer Goods
KG = Capital Goods
GH = Goods Hoarded
OKG = Ownership of capital goods
Distribution Process
D = OCG + OKG + OGHOKG = D ndash (OGH + OCG)
OKG = I
D = Distribution of ownership rightsOCG = Ownership of Consumer GoodsOKG = Ownership of Capital GoodsOGH = Ownership of Goods Hoarded
Consumption Process
C = Eh + E
I = C ndash EhI = E
Eh = money reserved for Hoarding-ExpenditureE = money reserved for Expenditure (on consumer
goods and capital goods)
General Synthetic Model
p = fp(pdc)d = fd(pdc)c = fc(pdc)
p = rate of change in total productiond = rate of change in distribution of
ownership rights c = rate of change in total expenditure
General Analytic Model
p = f(rdmec)d = f(YLrWR)
c = f(wdm)
r = rate of interest d = existing distributionmec = marginal efficiency of capital
YL = labor income rW = capital incomeR = rent w = real wealth
m = monetary wealth
Disaggregating AS
A Poincareacute section of production process
CG
KG
GH
CG = Consumer goods KG = Capital goods GH = Goods hoarded
Disaggregating ADO
A Poincareacute section of distribution process
owningmajority of assets
owningremainder of assets
owning only debt
Disaggregating AD
A Poincareacute section of consumption process
ECG
EKG
EGH
E = expenditure on consumer goods (CG) capital goods (KG) and goods hoarded (GH)
Flows of Values
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
Production Process
P = CG + KG + GH
KG = P ndash (GH + CG)
KG = OKG
P = Production of real wealth
CG = Consumer Goods
KG = Capital Goods
GH = Goods Hoarded
OKG = Ownership of capital goods
Distribution Process
D = OCG + OKG + OGHOKG = D ndash (OGH + OCG)
OKG = I
D = Distribution of ownership rightsOCG = Ownership of Consumer GoodsOKG = Ownership of Capital GoodsOGH = Ownership of Goods Hoarded
Consumption Process
C = Eh + E
I = C ndash EhI = E
Eh = money reserved for Hoarding-ExpenditureE = money reserved for Expenditure (on consumer
goods and capital goods)
General Synthetic Model
p = fp(pdc)d = fd(pdc)c = fc(pdc)
p = rate of change in total productiond = rate of change in distribution of
ownership rights c = rate of change in total expenditure
General Analytic Model
p = f(rdmec)d = f(YLrWR)
c = f(wdm)
r = rate of interest d = existing distributionmec = marginal efficiency of capital
YL = labor income rW = capital incomeR = rent w = real wealth
m = monetary wealth
Disaggregating AS
A Poincareacute section of production process
CG
KG
GH
CG = Consumer goods KG = Capital goods GH = Goods hoarded
Disaggregating ADO
A Poincareacute section of distribution process
owningmajority of assets
owningremainder of assets
owning only debt
Disaggregating AD
A Poincareacute section of consumption process
ECG
EKG
EGH
E = expenditure on consumer goods (CG) capital goods (KG) and goods hoarded (GH)
Flows of Values
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
Distribution Process
D = OCG + OKG + OGHOKG = D ndash (OGH + OCG)
OKG = I
D = Distribution of ownership rightsOCG = Ownership of Consumer GoodsOKG = Ownership of Capital GoodsOGH = Ownership of Goods Hoarded
Consumption Process
C = Eh + E
I = C ndash EhI = E
Eh = money reserved for Hoarding-ExpenditureE = money reserved for Expenditure (on consumer
goods and capital goods)
General Synthetic Model
p = fp(pdc)d = fd(pdc)c = fc(pdc)
p = rate of change in total productiond = rate of change in distribution of
ownership rights c = rate of change in total expenditure
General Analytic Model
p = f(rdmec)d = f(YLrWR)
c = f(wdm)
r = rate of interest d = existing distributionmec = marginal efficiency of capital
YL = labor income rW = capital incomeR = rent w = real wealth
m = monetary wealth
Disaggregating AS
A Poincareacute section of production process
CG
KG
GH
CG = Consumer goods KG = Capital goods GH = Goods hoarded
Disaggregating ADO
A Poincareacute section of distribution process
owningmajority of assets
owningremainder of assets
owning only debt
Disaggregating AD
A Poincareacute section of consumption process
ECG
EKG
EGH
E = expenditure on consumer goods (CG) capital goods (KG) and goods hoarded (GH)
Flows of Values
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
Consumption Process
C = Eh + E
I = C ndash EhI = E
Eh = money reserved for Hoarding-ExpenditureE = money reserved for Expenditure (on consumer
goods and capital goods)
General Synthetic Model
p = fp(pdc)d = fd(pdc)c = fc(pdc)
p = rate of change in total productiond = rate of change in distribution of
ownership rights c = rate of change in total expenditure
General Analytic Model
p = f(rdmec)d = f(YLrWR)
c = f(wdm)
r = rate of interest d = existing distributionmec = marginal efficiency of capital
YL = labor income rW = capital incomeR = rent w = real wealth
m = monetary wealth
Disaggregating AS
A Poincareacute section of production process
CG
KG
GH
CG = Consumer goods KG = Capital goods GH = Goods hoarded
Disaggregating ADO
A Poincareacute section of distribution process
owningmajority of assets
owningremainder of assets
owning only debt
Disaggregating AD
A Poincareacute section of consumption process
ECG
EKG
EGH
E = expenditure on consumer goods (CG) capital goods (KG) and goods hoarded (GH)
Flows of Values
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
General Synthetic Model
p = fp(pdc)d = fd(pdc)c = fc(pdc)
p = rate of change in total productiond = rate of change in distribution of
ownership rights c = rate of change in total expenditure
General Analytic Model
p = f(rdmec)d = f(YLrWR)
c = f(wdm)
r = rate of interest d = existing distributionmec = marginal efficiency of capital
YL = labor income rW = capital incomeR = rent w = real wealth
m = monetary wealth
Disaggregating AS
A Poincareacute section of production process
CG
KG
GH
CG = Consumer goods KG = Capital goods GH = Goods hoarded
Disaggregating ADO
A Poincareacute section of distribution process
owningmajority of assets
owningremainder of assets
owning only debt
Disaggregating AD
A Poincareacute section of consumption process
ECG
EKG
EGH
E = expenditure on consumer goods (CG) capital goods (KG) and goods hoarded (GH)
Flows of Values
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
General Analytic Model
p = f(rdmec)d = f(YLrWR)
c = f(wdm)
r = rate of interest d = existing distributionmec = marginal efficiency of capital
YL = labor income rW = capital incomeR = rent w = real wealth
m = monetary wealth
Disaggregating AS
A Poincareacute section of production process
CG
KG
GH
CG = Consumer goods KG = Capital goods GH = Goods hoarded
Disaggregating ADO
A Poincareacute section of distribution process
owningmajority of assets
owningremainder of assets
owning only debt
Disaggregating AD
A Poincareacute section of consumption process
ECG
EKG
EGH
E = expenditure on consumer goods (CG) capital goods (KG) and goods hoarded (GH)
Flows of Values
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
Disaggregating AS
A Poincareacute section of production process
CG
KG
GH
CG = Consumer goods KG = Capital goods GH = Goods hoarded
Disaggregating ADO
A Poincareacute section of distribution process
owningmajority of assets
owningremainder of assets
owning only debt
Disaggregating AD
A Poincareacute section of consumption process
ECG
EKG
EGH
E = expenditure on consumer goods (CG) capital goods (KG) and goods hoarded (GH)
Flows of Values
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
Disaggregating ADO
A Poincareacute section of distribution process
owningmajority of assets
owningremainder of assets
owning only debt
Disaggregating AD
A Poincareacute section of consumption process
ECG
EKG
EGH
E = expenditure on consumer goods (CG) capital goods (KG) and goods hoarded (GH)
Flows of Values
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
Disaggregating AD
A Poincareacute section of consumption process
ECG
EKG
EGH
E = expenditure on consumer goods (CG) capital goods (KG) and goods hoarded (GH)
Flows of Values
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
Flows of Values
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
Strange Attractor
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
The Bubble
MW = Monetary WealthRW = Real Wealth
DO = Pattern of Distribution of Ownership Rights
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
Theory ofEconomic Justice
Participative Justice
Commutative Justice
Distributive justice
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
Economic Rightsand Economic Responsibilities
Toward Common Goods
We all have the right of access to natural resourcesmdashand the responsibility to pay taxes for the exclusive use of those resources
We all have the right of access to national creditmdashand the responsibility to repay loans obtained on the basis of national credit
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
Economic Rightsand Economic Responsibilities
Toward Private Goods
We all have the right to the fruits of our labormdashand the responsibility to offer services equal to the value of our compensation
We all have the right to protect our wealthmdashand the responsibility to respect the wealth of others
- Concordian Economics
- Keynesrsquo Model
- Mainstream Economics
- Classical and Neoclassical Analysis
- Pivoting Keynesrsquo Model
- Flows Model
- Parable of Talents
- Slide 8
- Investment = Consumption
- An Equivalence
- Production Process
- Distribution Process
- Consumption Process
- General Synthetic Model
- General Analytic Model
- Slide 16
- Disaggregating AS
- Disaggregating ADO
- Disaggregating AD
- Flows of Values
- Strange Attractor
- The Bubble
- Theory of Economic Justice
- Economic Rights and Economic Responsibilities
- Slide 25
-
