Humans have a need to predict and plan.
Time present and time past
Are both perhaps present in time future, (T.S. Eliot, Burnt Norton)
In his book, FREEFALL (2009, Penguin Books), Joseph Eugene Stiglitz, a professor at Columbia University and a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979), states that economics is a predictive science. Now, one must distinguish between predicting a) planetary motion in its scheme of recurrence, and b) this afternoon’s weather vs. next month’s weather, or this afternoon’s prices and quantities vs. next year’s prices and quantities, all subject to to conditions diverging in space and time. (Continue reading)
The Functional Macroeconomic Dynamics Collaborative
Website: Bernard Lonergan’s Macroeconomic Field Theory
Brian C. Moyer, Director
Bureau of Economic Analysis (BEA)
4600 Silver Hill Road
Washington, DC 20233
Dear Mr. Moyer,
Presently the Bureau of Economic Analysis (BEA) publishes three general versions of the National Income and Product Accounts (NIPA).
- Gross Domestic Product, (Current $)
- Gross Domestic Income by Type of Income; National Income by Type of Income; and, National Income by Sector …; (Current $)
- Gross Value Added by Sector; (Current $)
Would it be possible for the BEA staff to develop a fourth which would be explanatory of the production-and-exchange process? Continue reading
There is required a shift of focus by academics from the concrete secondary determinations of prices and quantities in a non-systematic manifold to the immanent, abstract, primary relativities which may be applied to these secondary determinations to reach particular laws.
Paraphrasing [McShane, 1980, 127]: Taking into account past and (expected) future values does not constitute the creative key transition to Functional Macroeconomic Dynamics. Continue reading
The process is always the current, purely dynamic process. The analysis is purely functional, purely relational and explanatory analysis. The theory is general and universally applicable to concrete determinations in any Instance; The theory is a normative theory having a condition of equilibrium.
Our subheadings in this treatment are as follows:
- Always the Current Process:
- A Purely Dynamic Process Requiring a Dynamic Heuristic:
- A Purely Functional Analysis:
- A Purely Relational, Explanatory Analysis:
- A Theory, General and Universally Applicable to Concrete Determinations in Any Instance:
- A Normative Theory Having a Condition of Equilibrium:
Always the Current Process: Continue reading
New foundations for a new science of macroeconomics are grounded in
- a scientific, dynamic heuristic
- the technique of implicit definition
- precise, purely relational, analytical distinctions between fundamental terms representing functional flows of products and money
- the functional interrelations among these interdependent, mutually defining, explanatory functional flows