The Soulful Microeconomics of Disequilibrium
There is soul food and soul music and the advice to do things that are good for your soul. There is also soulful microeconomics!
That which cannot be seen not only has tremendous potential but it is also quite revealing about how best to scientifically investigate.
Some would say that the human soul is glorious and magnificent but who has ever seen it? Analogously the values subjectively given to all goods and services by each and all of the people in the world cannot be seen.
When an exchange takes place the buyer values what he gets in the exchange more than what he exchanges for it and the seller values higher what he gets in return. It is incorrect to say these are equal because if they were merely equal there would be no reason to exchange. The price agreed on is sufficient for exchange but that is all it indicates.
What is hidden is the value and it is disgraceful for economic science to simply pretend that the two things in the exchange are equally valued.
And so you see, if you are unwilling to recognize that the unseen and hidden have tremendous potential for helping to advance scientific understanding then most of what is meaningful is simply and erroneously disregarded.
There are three major differences between this book – The Human Essence of Economics – and any other and all other microeconomics books:
1. The source of subjective valuation is identified.
2. The real world is what we are interested in and it is recognized as always being in dynamic disequilibrium.
3. Primarily, it is the searching entrepreneurial spirit that drives the economy.
Look around. Compare this approach with any and all other books about microeconomics and also compare it with the real world that you live in. That will be reason enough for you to prefer this book over others and that will be reason enough for you to be intrigued about its contents.
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