Amazon.com: Economics: New Horizons, Shifting the Paradigm (9781891231711): Hemmat H. Safwat, Ibrahim M. Oweiss: Books

Book Description

Publication Date: February 22, 2002

Conventional economics theory embodies concepts that are many times difficult to grasp and are perhaps not general enough to accurately reflect the dynamics of our current marketplace. In the past, economics theory mainly dealt with issues of transactions and exchanges in terms of matter and energy. But the reality is that humans are the core of all transactions and exchanges. Perhaps this is why academia has generally tended to allocate the study of economics to the category of a pseudo-science.

This book explores economic principles under the new perspective, where humans are the core of all transactions/exchanges. In this true-science context, economics is defined as the study of the activities exerted by people. From this pioneering study the development of a true science may evolve.

In all studies of science, theories and models are tested against reality. Through the process of elimination, one or a few theories are selected as being the most probable or correct. Especially the application of the limit laws, such as the laws of thermodynamics, is useful in testing these theories and models. Thus, in order to evolve economics into a true science, similarities between economics and thermodynamics are explored in this book. As a result, new and more accurate terminologies and models have evolved.

The authors of this book, Professional Engineer Dr. Hemmat Safwat, and Economics Professor Ibrahim M. Oweiss have teamed up to research this study. Economics: New Horizons, Shifting the Paradigm represents truly new thinking.

It is a must-read for professionals in the business community, as well as economics educators and students.

#outer_postBodyPS { display: none; } #psGradient { display: none; } #psPlaceHolder { display: none; } #psExpand { display: none; } Conventional economics theory embodies concepts that are many times difficult to grasp and are perhaps not general enough to accurately reflect the dynamics of our current marketplace. In the past, economics theory mainly dealt with issues of transactions and exchanges in terms of matter and energy. But the reality is that humans are the core of all transactions and exchanges. Perhaps this is why academia has generally tended to allocate the study of economics to the category of a pseudo-science.

This book explores economic principles under the new perspective, where humans are the core of all transactions/exchanges. In this true-science context, economics is defined as the study of the activities exerted by people. From this pioneering study the development of a true science may evolve.

In all studies of science, theories and models are tested against reality. Through the process of elimination, one or a few theories are selected as being the most probable or correct. Especially the application of the limit laws, such as the laws of thermodynamics, is useful in testing these theories and models. Thus, in order to evolve economics into a true science, similarities between economics and thermodynamics are explored in this book. As a result, new and more accurate terminologies and models have evolved.

The authors of this book, Professional Engineer Dr. Hemmat Safwat, and Economics Professor Ibrahim M. Oweiss have teamed up to research this study. Economics: New Horizons, Shifting the Paradigm represents truly new thinking.