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Heterodox Economics 2

Alternative Analysis to the Mainstream "Blackboard Economics</I> Based on the Concept of "Creative Mental Labor</I>

Hasan Gürak

Heterodox Economics 2 consists of articles which are complementary to the subjects presented in the book titled Heterodox Economics, published in 2012. The aim is to present alternative economic approaches based on the concept of Creative Mental Labor that are intended to make a contribution to the emergence of a new economics. The analysis throughout the book is based upon the principle that the original source of all the value added to products (considering nature as a given), is the mental and physical inputs of labor that continuously create new technologies while at the same time making use of the available technologies.

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Introduction

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The richest person in this world is the one who is healthy and has true friends; not the person with highest amount of accumulated possessions. Economic Science and the Human Being One of the frequently asked questions of those who are interested in economic issues concerns the subject matter of economics. In other words, what is eco- nomics about? What does it investigate? And which are the main areas of inter- est? But, before going any further, it would be appropriate to evaluate whether economics is a branch of the natural sciences? If it is, is it governed by the same rules that apply to other sciences such as physics or astronomy? In other words, is it possible to make observations or to measure the outcomes reliably? Can the tests be repeated under the same conditions and get the same results? And is it possible to construct “universally valid” laws? Let us begin by introducing definitions of “science” and “technology”? Science Science is, according to the Merriam Webster Dictionary; “knowledge or a sys- tem of knowledge covering general truths or the operation of general laws espe- cially as obtained and tested through scientific method”. Science is systemized knowledge concerned, normally, with the physical environment and its phenom- ena, which can be tested using scientific methodology. Running tests and measuring results is essential for scientific research. However, although there are some similarities, the methodology used in the physical sciences differs vastly from the methodology applied to economic re- search. In spite...

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