This book explores the policy implications of the unified theory of capitalism-how economic growth has led to a new epoch, the Anthropocene, and it presents a new set of economic principles that are needed in this new age. The unified theory of capitalism has been published as a new scientific endeavor, attempting to present new economics for the Anthropocene age that are empirically verifiable and fully consistent with the physical sciences.

This book elaborates on the implications of the unified theory for both the science of economics and for public policies. In particular, this book develops in more detail the policy implications, discussing the fundamental economic and societal policy issues of our time-employment, inequality, the environment, and quality of life-in empirical terms.

Autorentext

Adolfo Figueroa is Professor Emeritus of Economics at Pontifical Catholic University of Peru. He is the author of three previous books with Palgrave Macmillan: Growth, Employment, Inequality, and the Environment (2015); Rules for Scientific Research in Economics (2016); and Economics of the Anthropocene Age (2017).

Inhalt
Chapter 1. IntroductionChapter 2. The Unified Theory of Capitalism: An OverviewThe facts to be explainedSeeking scientific explanationsUnified theory of capitalism: FoundationsThe evolutionary modelQuality of societyScience-based public policiesComparisons with standard economics
Chapter 3. Science is EpistemologyThe alpha-beta methodCausality in mechanical processesCausality in the evolutionary processOn alternatives to the alpha-beta methodAgainst deductivism and inductivismThe complexity of accepting/rejecting economic theoriesConclusionsChapter 4. Path Dependence and the Economic ProcessSome analytical distinctionsEconomic theory of colonialism: An outlineColonial legacy in the unified theory of capitalismEndurance of colonial institutions under capitalismExplaining the origin of Western economic supremacyPath dependence and institutionsConclusionsChapter 5. Population and the Quality of SocietyA dynamic model with exogenous populationDynamic model with endogenous populationEconomic growth as entropic processPopulation density effectConclusionsChapter 6. Unified Theory of Capitalism and Bio-EconomicsFoundations of bio-economicsCapitalist model of bio-economicsThe workings of the modelBeta propositionsComparing the unified theory of capitalism and bio-economicsConclusionsChapter 7. Individualism in the Anthropocene AgeThe nature of economic growth under capitalismHuman behavior evolutionThe myth of competitionThe freedom discourseIndividual freedom and social responsibilityCorporate social responsibility (CSR)**Crime responsibilityIndividualism question in the Anthropocene AgeIndividualism and quality of societyConclusionsChapter 8. Science-Based Public PoliciesPositive and normative propositionsThe case of neoclassical economicsThe case of unified theory of capitalismPoverty vs inequalityIncome redistribution effect vs economic growth effectConclusionsChapter 9. Redistribution through Labor MarketsA short run sigma model of the labor marketIntroducing legal minimum wage**Empirical consistencyThe legal minimum wage effectEndogenous three-tier labor incomesUnemployment insurance policyIntroducing a guaranteed minimum income (gmi)ConclusionsChapter 10. Epilogue: New and Old Economics