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    Pitfalls in Economic Thinking
    Pitfalls in Economic Thinking
    Pitfalls in Economic Thinking
    Ebook58 pages43 minutes

    Pitfalls in Economic Thinking

    By Maher Kababji

    ()

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    About this ebook

    One of the main functions of a government is to sustain all its population at or above the prosperity level which expresses the feasible material standard of living that an economy can provide. Governments failed to realize prosperity. Financial distress is increasing. Corruptions are going on around the world. Poor is becoming poorer. Living standard of middle class is declining. Relatively small number of individuals and corporations are controlling huge pools of capital. Public debt is increasing. Confidence in currencies is deteriorating.

    In order that an organized body of knowledge might be classified as science, its hypothetical law must be based on facts. Unlike any other social science, fallacies are the root of the technique of thinking in economics. It is time to change.

    This book aims to discuss in simple wording each of the factors that causes the failure of the present economic systems to realize prosperity, highlight the pitfalls in economic thinking, and introduce an alternative fair economic system that would reflect fair economy and advance the needs of humanity as a whole.

    LanguageEnglish
    PublisherMaher Kababji
    Release dateMar 18, 2017
    ISBN9781370796007
    Pitfalls in Economic Thinking

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      Book preview

      Pitfalls in Economic Thinking - Maher Kababji

      Pitfalls in Economic Thinking

      By

      Maher D. Kababji

      Copyright 2017 Maher D. Kababji

      * * * * * * * * * *

      Published by Maher D. Kababji at Smachwords

      Smashwords Edition, License Notes

      Thank you for downloading this free ebook. Although this is a free book, it remains the copy righted property of the author, and may not be reproduced, copied and distributed for commercial or non-commercial purposes. If you enjoyed this book, please encourage your friends to download their own copy at Smashwords.com, where they can also discover other works by this author. Thank you for your support.

      * * * * * * * * * *

      Table of Contents

      Introduction

      Chapter 1: Economic Resources

      Chapter 2: Economic Activities

      Chapter 3: Market and Prices

      Chapter 4: Exchange and Money

      Chapter 5: Finance

      Chapter 6: Foreign Currencies

      Chapter 7: Redistribution of Wealth

      Conclusion

      Abstract

      One of the main functions of a government is to sustain all its population at or above the prosperity level which expresses the feasible material standard of living that an economy can provide. Governments failed to realize prosperity and financial distress is increasing. This book aims to discuss in simple wording each of the factors that causes the failure of the present economic systems to realize prosperity, highlight the pitfalls in economic thinking, and introduce an alternative fair economic system that would reflect fair economy and advance the needs of humanity as a whole.

      Introduction

      Financial distress is increasing. Corruptions are going on around the world. Prices are soaring. Poor is becoming poorer. Living standard of middle class is declining. Relatively small number of individuals and corporations are controlling huge pools of capital. Public debt is increasing. Confidence in currencies is deteriorating. The bursting of several financial bubbles in last decades points to the fact that present economic systems have failed to achieve the economic goals.

      The most dominant economic systems at present are capitalism and socialism. Some Islamic countries such as Iran practice what is so called Islamic economic system. In practice, they imitate traditional capitalistic measures under different names.

      The socialist planned economies failed to realize its target of equality. Capitalism has been transformed into monopoly-finance capitalism leading capitalists to earn wealth through foul means.

      In order that an organized body of knowledge might be classified as science, its hypothetical law must be based on facts. Unlike any other social science, fallacies are the root of the technique of thinking in economics. By the lapse of time, theses fallacies have been blindly accepted as if they represent a part of the natural life which people have to live with.

      Economics is concerned with prosperity as the material aim that contributes to the nonmaterial ultimate objective of happiness. It studies the many activities undertaken in relation to wealth. Economic activities have their origin in the wants of a community. They take place in the framework of an economic system. Economic system organizes the ways by which a society utilizes available resources so as to produce and accumulate wealth and the ways by which wealth is exchanged and distributed.

      Failure of present economic systems to realize prosperity makes it necessary to structure an alternative system that would reflect fair economy through reviewing, in simple wording, the foundations on which present systems are based.

      Chapter: 1

      Economic resources

      An economic resource is any asset used to produce goods and services that meet human needs and wants. The economic resources include natural and human resources.

      Natural resources

      Natural resources are derived

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