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Why Most Macroeconomists Haven’t Yet Flocked to Functional Macroeconomic Dynamics
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Category Archives: Solidarity
The Einsteinian Context: Curvature and Relativity
Albert Einstein, Steven Weinberg, Lillian Lieber, Douglas Giancoli, Raymond A. Serway, Bernard Lonergan, Philip McShane, Peter Burley,
.1. Introductory
Graduate students seeking a thesis topic may expand this treatment of the Einsteinian context of Functional Macroeconomic Dynamics. It should be of special interest to those having a strong background in theoretical physics and, thus, able to appreciate the analogies from physics. “Similars are similarly understood.” (CWL 3, 288/313)
Philip McShane alerted us to the resemblances between Lonergan’s context of general macroeconomic dynamics and Einstein’s context of general relativity.
(Part Two entitled Fragments) belongs almost entirely in what I call the Einsteinian context of Part Three, in contrast to the Newtonian achievement of Part One; … [CWL 21, Index, 325]
A new science has emerged. Lonergan has elevated conventional macrostatics to a macrodynamics explaining economic accelerations. (Continue reading)
The Notion of Organic Unity; Macroeconomic Field theory as a Unified, Systematic Whole
.1. Introduction
Lonergan’s treatment of the intelligibility of the plane circle provides to us a clue. In the basic insight defining the plane circle, – that all radii are equal – all the interrelated concepts tumble out together in an intelligible unity. The all-together intelligibility points to a template for explanation in the macroeconomic field; it fore-casts a singular unified intelligibility of the dynamic, organic economic process. In the sweeping comprehensive act of understanding, all the abstract explanatory conjugates explaining the dynamic economic process are “yoked” together by their functional relations to one another. The interdependencies of the flows which constitutethe whole dynamic system are grasped in a solidary whole. And the patterns of the formulation are isomorphic with the patterns in the objective, unitary economic process. The principle of unity and wholeness is a single, comprehensive intelligibility. (Continue reading)
The Economic Process Is The Current Process, Grasped In A Unified Whole, Requiring The Contribution of Academics, Control Theorists, And System Dynamicists
The economic process always is “the current process” constituted by current interdependent velocitous flows of so-much or so-many every so often.
The productive process is, then, the (current) aggregate of activities proceeding from the potentialities of nature and terminating in a standard of living. Always it is the current process, and so it is distinguished both from the natural resources, which it presupposes, and from the durable effects of past production. [CWL 15, 20]
The goal of scientific analysis is explanation of the objective economic process, i.e. to discover the abstract immanent intelligibility which explains any particular configuration of flows of products and money in any instance. Such immanent intelligibility would be always relevant and universally valid. (Continue reading)