Sunday, July 22, 2018

Laissez-Faire Capitalism and Science

In the Mathematization of Economics and the focus on Price, Supply and Demand are each ultimately defined in terms of Price--Price-Asked vs. Price-Offered.  So, fundamentally, Price-Paid is the mid-point between Price-Asked and Price-Offered, a calculable quantity.  Now, Price-Offered consists in both ability to pay and willingness to pay.  But, while there might not be an indeterminacy in the former, e. g. because it is constituted by vital need and limited resources, there often is contingency in the latter.  For example, someone purchasing diamonds has disposable income, and has the luxury of spending it otherwise.  But, then, at least some of Demand is irregular, and, hence, the extent to which the Mathematized Economics is a Science is circumscribed.  So, the extent to which Economics is a Science depends on the extent to which it is regularized, i. e. regulated.  Thus, Laissez-Faire Capitalism is not a Science, regardless of how intricate its Mathematization.

No comments:

Post a Comment