Despite the economics jargon on ‘rational choice’, nowadays the entire world has nothing else to choose except to
succumb under the spell of magic words of modern economics, i.e. ‘neoliberalism’, ‘financial liberalization’, ‘free
market’ (laissez-faire), and ‘globalization’. All of these can be shown to be part of a preconception, i.e. far beyond
the ‘neutral’ idea of natural sciences.
In Fritjof Capra’s book ‘Turning Point’ (Bantam Books, 1982) these phenomena are summarized as follows:
economics thinking have started by assuming that in economics sciences one can achieve the same generality and
universality that physicists enjoy in doing Natural Sciences. In other words, economists try to become through their
work ‘hard science’ rather than recognizing that in economics the subject of their study is human/people which is
far from being predictable, either as individual or as society.
In our humble opinion, economics is a mixture of both, hard and soft sciences. In order to show this, we introduce
a new study, called Poly-Emporium Theory, where we show that phenomena from hard science and soft science
co-exist and interact in economics. Poly-Emporium Theory is the study of interactions among many (big and
small) firms in the market, and it is different from oligopoly since poly-emporium takes into
consideration the small firms too (not only the big firms that dominate the market as in oligopoly).
The above logic of thinking is the starting point to submit a new idea, under the heading of ‘Cultural Advantage.’
The first book in the series has title: Cultural Advantage for Cities: An alternative for Developing Countries.
Category: Economics and Finance