Publication on new principles of economics

The authors develop a new conceptual framework for the study of economics that establishes economics as the science of markets. In doing so, they integrate the latest developments and research results not only in economics, but also in the neighbouring Social Science concentration and other disciplines such as psychology and physics. The work introduces a number of new perspectives, including the consideration of the economy as part of the Earth system, the direct linking of production analysis with an analysis of technology and thermodynamic principles, the explicit treatment of markets as forms of social networks linked by the institution of money, and the problem of distribution as a central category of political economy analysis. In this way, the work not only opens up new academic territory, but also lays an innovative foundation for the realistic communication of economic contexts to students and a broader public.

Carsten Herrmann-Pillath: "In this way, we hope to make a contribution to responding to the challenges of the Anthropocene."