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Economics of Information Biasing: A Unified Economic Theory That Leads to New Sustainability Concepts

Zaman, Monowaruz (2018): Economics of Information Biasing: A Unified Economic Theory That Leads to New Sustainability Concepts.

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Abstract

This article brings two scientific paradigms of economics, neoclassical economics and institutional economics together based on my concept “Biased Equilibrium” stemmed from information sharing strategies of economic agents and the origin of general equilibrium to provide holistic view of real world economic and social structures. Our social or economic institutions can be subjectively modeled as an information biasing chain where economic agents are positioned in interdependent abstract coalitions. The upper layer coalitions virtually control the institutions and they have greater influences on our economy that provokes growth by exhausting energy and other natural resources and causing global warming and more severely, depletion of surface water, thereby, reducing the carrying capacity of the earth. Since this model unifies the conflicting paradigms of economic theories and resolves the most confusions of economic modeling, it can be used for getting clear guidelines for transiting from a growth based economy to a sustainable economy, while solving our macro and micro-economic challenges in real time.

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