Necessary conditions for constructing economic policy
by Yasumi Matsumoto
Global Business and Economics Review (GBER), Vol. 17, No. 3, 2015

Abstract: Modern economic theory is based on freedom of choice and logical consistency, which make easy to build up mathematical theories for and lead to clear and smart-looking conclusions. However, our choices are actually neither so free nor logically consistent according to recent developments in biology and medical science. Since it is inevitable to consider their achievements in analysing human decision makings, we are forced to reconstruct economic theory. Then, it is also very useful to employ system engineering approach including computer science, microelectronics and network technologies and system analysis as well as time sharing and parallel-computing techniques to analyse human and social decision-making processes. As a result, it may be better to abandon the traditional idea of constructing a perfect system from the beginning but employ instead an idea of system design such as autonomous decentralised system that can flexibly adjust to changes in the environment.

Online publication date: Thu, 02-Jul-2015

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