Best of the Week
Most Popular
1.Bitcoin War Begins – Bitcoin Cash Rises 50% While Bitcoin Drops $1,000 In 24 Hours - Jeff_Berwick
2.Fragile Stock Market Bull in a China Shop -James_Quinn
3.Sheffield Leafy Suburbs Tree Felling's Triggering House Prices CRASH! - Nadeem_Walayat
4.Bank of England Hikes UK Interest Rates 100%, Reversing BREXIT PANIC Cut! - Nadeem_Walayat
5.Government Finances and Gold - Cautionary Tale told in Four Charts - Michael_J_Kosares
6.Gold Stocks Winter Rally - Zeal_LLC
7.The Stock Market- From Here to Infinity? - Plunger
8.Ethereum (ETH/USD) – bullish breakout of large symmetrical triangle looks to be getting closer - MarketsToday
9.Electronic Gold: The Deep State’s Corrupt Threat to Human Prosperity and Freedom - Stewart_Dougherty
10.Finally, The Fall Of The House Of Saud - Jim_Willie_CB
Last 7 days
Gold Sector is On a Long-term Buy Signal - 21st Nov 17
Saudi Arabia and Israeli Alliance Targets Iran - 21st Nov 17
What History Says for Gold Stocks in 2018-2019 - 21st Nov 17
US Bond Market Operation Twist by Another Name and Method? - 21st Nov 17
Learning from Money Supply of the 1980s: The Power and Irony of “MDuh” - 20th Nov 17
Trump’s Asia Strategy, Goals and Realities - 20th Nov 17
Crude Oil – General Market Link - 20th Nov 17
Bitcoin Price Blasts Through $8,000… In Zimbabwe Tops $13,500 As Mugabe Regime Crumbles - 20th Nov 17
Stock Market More Correction Ahead? - 19th Nov 17
Universal Credits Christmas Scrooge Nightmare for Weekly Pay Recipients - 18th Nov 17
Perspective on the Gold/Oil Ratio, Macro Fundamentals and a Gold Sector Bottom - 18th Nov 17
Facebook Traders: Tech Giant + Technical Analysis = Thumbs Up - 18th Nov 17
Games Betting System For NCAA Basketball Sports Betting - Know Your Betting Limits - 18th Nov 17
Universal Credit Doomsday for Tax Credits Cash ISA Savers, Here's What to Do - 18th Nov 17
Gold Mining Stocks Fundamentals Q3 2017 - 17th Nov 17
The Social Security Inflation Lag Calendar - Partial Indexing - 17th Nov 17
Mystery of Inflation and Gold - 17th Nov 17
Stock Market Ready To Pull The Rug Out From Under You! - 17th Nov 17
Crude Oil – Gold Link in November 2017 - 17th Nov 17
Play Free Online Games and Save Money Free Virtual Online Games - 17th Nov 17
Stock Market Crash Omens & Predictions: Another Day Another Lie - 16th Nov 17
Deepening Crisis In Hyper-inflationary Venezuela and Zimbabwe - 16th Nov 17
Announcing Free Trader's Workshop: Battle-Tested Tools to Boost Your Trading Confidence - 16th Nov 17
Instructions to Stop a Dispossession Home Sale and How to Purchase Astutely at Abandonment Home - 16th Nov 17
Trump’s Asia Tour: From Old Conflicts to New Prospects - 16th Nov 17
Bonds And Stocks Will Crash Together In The Next Crisis (Meanwhile, Bond Yields Are Going Up) - 16th Nov 17
A Generational Reset That Will Redistribute Wealth to the Bottom 60% Is Near - 16th Nov 17
Ethereum (ETH/USD) – bullish breakout of large symmetrical triangle looks to be getting closer - 16th Nov 17
Gold’s Long-term Analogies - 16th Nov 17
Does Stripping Streets of ALL of their Trees Impact House Prices (Sheffield Example)? - 15th Nov 17
The Trump Administration’s IP Battle Against China - 15th Nov 17
5 Ways Bitcoin can Improve its Odds of Becoming the Future of Money - 15th Nov 17
These Headlines Say Gold is Building a Base for Something Big - 15th Nov 17

Market Oracle FREE Newsletter

Traders Workshop

Meta Economics vs Quantitative Economics

Economics / Economic Theory Jul 22, 2009 - 06:32 AM GMT

By: Christopher_Quigley

Economics

Best Financial Markets Analysis ArticleThis brief essay is a summary of the idea "Meta-Economics" as introduced my E.F Schumacher in his classic book; "Small is Beautiful."

Economic:          "Sufficient to give a good return for the money or resources expended."
Meta:                 "To transcend or go beyond."


The neglect, indeed the rejection, of wisdom has gone so far that most of our intellectuals have not even the faintest idea what the term could mean. But where can wisdom be found? It can only be found inside oneself. To find it one must become liberated. Through such liberation one can become relevant. Wisdom enables us to see the hollowness and fundamental unsatisfactoriness of a life devoted primarily to the pursuit of material ends, to the total neglect of the spiritual and the sustainable.

The influence of economics upon the management of government has grown exponentially since the seventies. However, it is now being realised that the judgment of economics is a most fragmentary one. Classic economic theory deals with demand and supply but all contemporary demand and supply is exchanged through the medium of money; fiat money. Due to the importance of stable money supply to the correct stewardship of any economy no government should unduly tamper with its smooth operation. To do so invites mayhem. As a result of catastrophic error, sub-prime crises, derivative explosion, credit balloons, defunct regularity oversight, debt monetization, and private credit exploitation the money supply has become so corrupted it is almost impossible for anybody to make correct economic decisions. The historic" medium of exchange" model has been broken. Fidelity with the integrity and the sacrifices of our forefathers has been compromised by a shallow elite.

To get out of this "economic crisis" governments must now start thinking in Meta-Economic modalities. Thus we must acknowledge that to sort out the mess we must go beyond "classic" quantative economic thought. In the new paradigm, wisdom must prevail. The fatal flaw of lack of adequate purchasing power, under the current "credit" model, must be acknowledged. Without this conceptual breakthrough the crisis will never be adequately solved.

Current economic thinking only touches the surface of things and takes for granted so much that  should be accounted for; i.e. clean air, fresh water, moral integrity of the majority, faith in authority etc. etc. In a sense this quantative model promotes total institutional selfishness and irresponsibility. This is all very well as long as there is no systemic failure but, unfortunately, systemic crisis is exactly what we are now faced with. Gross irresponsibility has taken the sacredness out of life.

The macro crisis is not simply an objective one. It becomes personal in the form of depression, loneliness, isolation, meaninglessness, exhaustion, marriage break-up, atomization, pharma-medicinal dependence, addiction and suicide. To bring about change in this zeitgeist quality must be brought back into the quantative social model. We must strive to bring LIFE back to the process of living. The formula for this is to reintegrate simplicity, integrity and constraint into the functioning of our institutions, enterprises, thought processes and behaviour. Patterns of action must be championed that honour human satisfaction on all levels not just financially.

To comprehend this "meta" concept, some examples of Meta-Economic mind-set principles V's those of Quantative Economics one are set out below:

For economics to become valuable and relevant again to sustainable society its practitioners must realise the truth that economics is a social science and as such it deals with human beings, not atomised ciphers. Rationality must reconstitute itself with morality, ethics and philosophy. If national and international economists continue to lose these classical thought centres, social disintegration will spiral out, uncontrollably.

Governments and economists must begin to see the whole picture again. We have foolishly and recklessly abandoned our great Western-Christian heritage. The task now is one of metaphysical regeneration. Economics must stop being taught where awareness of human nature is lacking. We are suffering from a metaphysical disease and therefore the cure is meta-physical: meta-economical. It is time for economics and accounting to grow up and transcend there historical roots.

By Christopher M. Quigley
B.Sc., M.M.I.I. Grad., M.A.
http://www.wealthbuilder.ie

Mr. Quigley is 46 years of age and holds a Batchelor Degree in Management from Trinity College/College of Commerce, Dublin and is a graduate of the Marketing Institute of Ireland. He commenced investing in the Stock Market in San Francisco, California where he lived for 6 years. Now based in Dublin, Mr. Quigley actively trades utilising the principles set out in the modules above. This Wealthbuilder course has been developed over the last 9 years as a result of research, study, experience and successful application.

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

Christopher M. Quigley Archive

© 2005-2017 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Catching a Falling Financial Knife