Ruminations on Vedic Philosophy

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Moral Imperatives for Economists

Most people think that macroeconomics is a legitimate subject because its experts are employed by prestigious organizations like central banks, World Bank, International Monetary Fund, treasury departments, investment funds, and universities. They don’t know that macroeconomics is colonialism by another name. In this post, I will describe what macroeconomics is, and how it is used …


Laws of Increasing and Decreasing Returns

Laws are supposed to predict and explain. Predict means to describe the future relative to the present. Explain means to justify that prediction based upon ideas about reality. The Law of Diminishing Returns is a law that predicts that returns on investment must diminish over time but does not explain it. Without the explanation, we …


The Crisis of Capitalism and Its Remedies

Many people realize at present that there are problems with capitalism, but opinion is divided on what should be done about it. This post explores the alternatives to capitalism and their problems. The reality is that there are no provably stable economic models today. Centuries of economic studies have failed to provide a theory or …


Economics and Reductionism

Profits require that the whole must be greater than the sum of the parts. For example, half a chair is not half price of the full chair; most times you cannot sell two halves of a chair separately, or price them separately, even when you assemble the chair yourself from packaged parts. Similarly, the price …

Economics Politics

Free Market Economics vs. Capitalism

Free market economics is about competition between businesses, and it operates under the assumptions of a closed system in which wealth can be redistributed, but the total wealth must remain constant. Capitalism is the contrary idea that the economy is an open system in which wealth can be infused, in order to create a net …