Socioeconomics vs Economics

Here is a constantly-updated list of differences between our proposed science of Socio-economics of Smith, and Economics of Samuelson / Marshall :

  Socio-economics Economics
Material Goal Wealth of Society

“Political œconomy..proposes to enrich both the people and the sovereign.” (Book 4, Smith )

Private Wealth

“to me, these two very distinct inquiries have been..separated, the term political economy being now confined to the science..of wealth, and that of politics, ..the relations..between a government and its people” (Say)

Psychological Goal  Peace of mind

“In what constitutes the real happiness of human life..In ease of body and peace of mind, all the different ranks of life are nearly upon a level” (Smith)

Pleasure

to maximise pleasure, is the problem of Economics” (Jevons)

How to Achieve Goals Working Together or the Division of Labour and Stock Profit maximization
Morality Morality First, Numbers Later

In every civilized society..there were always two..systems of morality..” (Book 5)
No Morality, Just Numbers

“progress has.. (questioned) whether it is.. impossible that all should start in the world with a fair chance.. The question cannot be fully answered by economic science. For the answer depends.. on the moral and political capabilities of human nature (which) the economist has no.. special.. information (Marshall)

Motive Demand or Consumption Motive (Purchasing Power)
“Consumption is the sole end and purpose of all production; the interest of the producer ought to be attended to only..for promoting that of the consumer.” (Smith)
Supply or Production Motive (Gross Domestic Product and Say’s Law)
“it is the aim of good government to stimulate production, of bad government to encourage consumption.” (Say)
Production is done for.. ..the consumption of the people ..profits (Economics), ..the sake of production (Communism)
Main Results Long term, sustainable wealth and rich governments and strong cultures Boom and Bust cycles and governments in deficit and cultural decline (recessions, economic crisis) 
Historical Examples Roman Empire, Ancient China and India United States, modern countries
Main ‘Scripture’ The Wealth of Nations (Smith) Principles of Economics (Marshall), Economics (Samuelson)
Main Interest Societal Interests.(Business works for Society) Business Interests
(Society works for Business)
Main Techniques Metaphysics (Socio), Ratios primarily, Equations secondarily(Economics) Equations and Calculus
Main Theory Real and Nominal Pricesbilly2 Equilibrium Theory3-3 Equilbrium_13
Main Economic Measure Net Revenue or Purchasing Power
“The gross revenue of (society) comprehends (their) whole annual produce.. (their) net revenue (is) what..they can place in their stock reserved for immediate consumption.. Their real wealth.. is in proportion, not to their gross, but to their net revenue.” (Smith)
Gross Revenue or GDP
“While the GDP and the..national income accounts may seem to be arcane concepts, they are truly among the great inventions of the twentieth century.” (Samuelson)
Jobs for Economists A Lot of Employment
In Smith’s system, all societies (town, city, country) will have its own socio-economists to administrate commodity-based valuation and socio-economic balance.
Few Employments
(Government, Private Finance, Teacher, Writer)
Economist’s Task Economic Balance
(Value-Trade theory)
Economic Growth

 

 

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