Foundations Of Economic Science

Foundations of Economic Science is the first treatise to present unified economics, using a new approach to build economics as a rigorous science. It is no longer necessary to divide economics between micro and macro. Using a new analytical tool called consistency analysis, it decomposes aggregate output according to means of payment; and uses a payment circuit to show how money circulates and affects output and employment. It offers four new theorems which make prevailing macroeconomics and monetary economics by and large obsolete. It proposes financial reform to permanently solve involuntary unemployment, undue instability and excess debt.