• Economics

    Economics and Reductionism

    Profits require that the whole must be greater than the sum of the parts. For example, half a chair is not half price of the full chair; most times you cannot sell two halves of a chair separately, or price them separately, even when you assemble the chair yourself from packaged parts. Similarly, the price a carpenter will charge for a chair is necessarily greater than the cost of the parts that make up the chair. In that sense, the whole cannot be reduced to the parts because the price of the whole is necessarily greater than the costs of the parts. If we equated prices to costs, there would…

  • Economics,  Politics

    What the New World Order Could Be

    The term “New World Order” often refers to a system of global governance and economics, including the system of monetary exchanges and trade established through institutions such as the World Bank and the International Monetary Fund, and the balance of power between the nations through organizations such as the United Nations. Over the years, these institutions have been undermined by their members, for aims of personal profit and power, giving rise to many regional and transnational groupings. Philosophically, however, the term also refers to any system that can be used to meet its original goals of global governance and economic policy. In recent times, the term is sometimes used to…

  • Economics

    Do Supply and Demand Define Economic Value?

    Economists have taught us that nothing by itself has intrinsic value. The value, according to them, rather depends on supply and demand for that thing. If the supply is high and the demand is low, then the value automatically decreases. Conversely, if the demand is high and the supply low, then the value automatically increases. This idea has led to the notion that monetary value is a figment of our collective imagination; that there is nothing intrinsic in nature that has monetary value, and therefore economics isn’t the study of intrinsic value but rather the study of how humans perceive the value in things based on supply and demand. This…