1 post from day 21/09/2010

Economics for the Innerpreneur

Economics [tweetmeme]

A perfectly rational world?

Conventional economic theory assumes perfect knowledge - of prices, markets and people. From this knowledge it extracts a "rational economic order" - a pattern to explain how economies work and how economic agents (e.g., buyers and sellers) interact. It is a theory that attempts to explain the production, consumption, and transfer of wealth. Conventional economic (and business) thought focuses on elements from only the physical realm - such as resources, commodities and technologies. It does not extend to the mental or conscious realm. Conventionally, wealth is seen as nothing more than what we have manifested in the physical realm.

A bigger view of economics

George Shackle was the first economist to challenge that the "algebra of business" is not a deterministic, linear science.

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