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Bibframe Work

Title
The theory of qualitative economic growth
Type
Text
Monograph
Contribution
Focardi, Sergio M. (Author)
Fabozzi, Frank J. (Author)
Subject
Economic development--Sociological aspects--Research (LCSH)
Economic development--Mathematical models (LCSH)
Quality of life--Economic aspects--Research (LCSH)
Complexity (Philosophy) (LCSH)
Language
English
Classification
LCC: HD75 .F633 2023 (Assigner: dlc) (Status: used by assigner)
DDC: 338.9 full (Assigner: dlc)(Source: 23/eng/20230905)
Supplementary Content
bibliography
index
Content
text
Summary
"This book develops the theory of qualitative growth. This theory provides a major overhaul of economic theory. Modern economies are evolutionary complex systems subject to a process of rapid innovation that makes aggregation very difficult. Mainstream economics is based on aggregating variables. When aggregation is impossible, mainstream economics creates idealized economies without any empirical basis. Our theory of qualitative growth is based on the principles of modern empirical science where models might include terms and variables that acquire meaning through global theory and its measurement processes. That is, in modern empirical sciences, variables are ultimately defined by the process of observation. However, the observation process might include the entire theory. For example, we do not observe temperature directly but only through instruments that exploit how temperature is linked to other variables such as the elongation of a column of mercury. We develop an integrated monetary economic model where the real economy is represented by hidden abstract variables that include quantity, quality, and generalized inflation. These variables do not have a direct observation process but are in relationship with observables such as the Economic Complexity Index. In this way, we develop an economic theory able to support decision making for qualitative growth while in contrast mainstream economics would label qualitative growth as a recession. The idea of qualitative growth, put forward by Capra and Henderson in 2009, is the basic notion that growth is a good and essential feature of human societies, but it must be understood as organic development of qualitative aspects of life. Qualitative growth responds to the basic need of "decoupling" growth from the use of natural resources which is now recognized as a pillar of the green transition"-- Provided by publisher.
Table Of Contents
A new framework for the economic growth theory
Complexity and quality in modern science
The problem with aggregation of economic output
Inflation is not what you think it is
Why qualitative growth theory is needed
Models of qualitative growth
Economies as complex systems
Social and economic consequences of qualitative growth
Summary view of the new economic framework.
Authorized Access Point
Focardi, Sergio M. The theory of qualitative economic growth
Admin Metadata
Generation Process: DLC marc2bibframe2 v2.5.0
Status: changed
Encoding Level: prepublication
Identified By: bf:Local, 23298188
Change Date: 2023-09-05T08:26:56
Creation Date: 2023-08-26
Description Language: English
Description Modifier: United States, Library of Congress
Description Authentication: Program for Cooperative Cataloging
Assigner: LBSOR