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Foundations of Economic Science

Gani, Mohammad Osman (2003): Foundations of Economic Science. Published in: (19 August 2003): pp. 1-272.

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The book presents a new paradigm of economic science as a science of exchange. It introduces a new analytical tool called consistency analysis to unify the entire body of economic theory, covering micro, macro, trade, money, development and demography. It uses a new wider and deeper concept of consistent choice to overcome the limits of rational choice. It incorporates entrepreneurship and transaction costs in a theory of intermediation, and stands on institutional rules to provide predictable regularity of social action of exchange. It shows transfer of value as the necessary function of money under indirect trade, and explains the equilibrium relation between output and money.

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