To help the reader gain an appreciation of Lonergan’s achievement of Modern Macroeconomic Field Theory we will, in each section, print leading excerpts, then highlight the key concepts of those excerpts. We will comment on the historically-significant advances in geometry of Euclid and Hilbert, in physics of Newton and Einstein, and in macroeconomics of Lonergan.
- Euclid’s great achievement was his rigorous deduction of geometry.
- Hilbert’s great achievement was his employment of implicit definition to reorder Euclid’s geometry.
- Newton’s two great achievements were unifying the isolated insights of Galileo and Kepler into a unified system of mechanics and his invention of the calculus.
- One of the great achievements of Einstein was the invention of the field theories of Special Relativity, General Relativity, and Gravitation.
- One of Lonergan’s several great achievements was his systematization of macroeconomic phenomena in his Modern Macroeconomic Field Theory. He combined the technique of implicit definition introduced by Hilbert and the concept of a field theory developed by Faraday and Einstein; and he developed an explanatory macroeconomics, which is general, invariant, and relevant in any instance. (Continue reading)