This site is dedicated to
Franco Modigliani, a Nobel Laureate in economics at MIT,
he aided the development of CE for 27 years
and to
Mayer L. Burstein, a professor of economics at York University,
he aided the development of CE for 23 years
DISCOVER CONCORDIAN ECONOMICS Concordian economics is an intellectual evolution organized over 60 years of research and publication. With our attractive learning tools, you can eventually gain access to knowledge previously kept obscure.
Concordian Economics Concordian economics is a structure designed to overcome the crisis in mainstream economics. It offers the completion of the Aristotelian/Aquinian project of economic (not social) justice. The language of Concordian economics is the language of Justice and Peace, the Language of Jubilation, jubilation of the heart. Its aim is to create financial independence for everyone. Its revolutionary effect is to transform the age/old paradigm of money controlling people to the new world of PEOPLE CONTROLLING MONEY.
The Origin of Concordian Economics Concordian economics was born in 1965, during a summer of intense intellectual struggle with Keynes‘ General Theory (GT).
GT Is at the Foundation of Mainstream Economics Even though there are other constructs in economic theory, GT is at the foundation of mainstream economics.
The Crisis in Mainstream Economics Mainstream economics is in a state of crisis, because GT is riddled with logical inconsistencies. The simplest but most damaging is the assumed equality of Saving to Investment. Is not money deposited in a savings bank, earning interest, the lowest form of Investment? What is Saving, then? A professor of economics at Yale, R. W. Goldsmith, wrote that there are 100,000 possible definitions of Saving; they are all logically tenable. Both Aristotle and Aquinas warned against tiny fractures at the basis of any intellectual structure. In time, a crisis develops. The structure collapses. To fathom the depth of the current crisis, we need to realize that mainstream economics studies, not even two, but only one element: money. Thus, as can be seen from the following figure, economics becomes an intensely linear discipline:
DISCOVER CONCORDIAN ECONOMICS Concordian economics is an intellectual evolution organized over 60 years of research and publication. With our attractive learning tools, you can eventually gain access to knowledge previously kept obscure.
Concordian Economics Concordian economics is a structure designed to overcome the crisis in mainstream economics. It offers the completion of the Aristotelian/Aquinian project of economic (not social) justice. The language of Concordian economics is the language of Justice and Peace, the Language of Jubilation, jubilation of the heart. Its aim is to create financial independence for everyone. Its revolutionary effect is to transform the age/old paradigm of money controlling people to the new world of PEOPLE CONTROLLING MONEY.
The Origin of Concordian Economics Concordian economics was born in 1965, during a summer of intense intellectual struggle with Keynes‘ General Theory (GT).
GT Is at the Foundation of Mainstream Economics Even though there are other constructs in economic theory, GT is at the foundation of mainstream economics.
The Crisis in Mainstream Economics Mainstream economics is in a state of crisis, because GT is riddled with logical inconsistencies. The simplest but most damaging is the assumed equality of Saving to Investment. Is not money deposited in a savings bank, earning interest, the lowest form of Investment? What is Saving, then? A professor of economics at Yale, R. W. Goldsmith, wrote that there are 100,000 possible definitions of Saving; they are all logically tenable. Both Aristotle and Aquinas warned against tiny fractures at the basis of any intellectual structure. In time, a crisis develops. The structure collapses. To fathom the depth of the current crisis, we need to realize that mainstream economics studies, not even two, but only one element: money. Thus, as can be seen from the following figure, economics becomes an intensely linear discipline:
Worse. The fundamental problem is that maintream economics cannot define money. Economics is supposed to be a “pure” science. And money is a legal institution: money is a contract between the holder of the note and society at large.
These conditions lead to a congenital uncertainty about everything. Economists study enormous amounts of data, but the result is always the same:
These conditions lead to a congenital uncertainty about everything. Economists study enormous amounts of data, but the result is always the same:
As widely acknowledged, data go through a “black box.” The result of the analysis is always the same: Is the economy growing, declining, or stable?
There is another fundamental problem in mainstream economics. The tools of supply and demand do not an economic theory make. Thus, totally unaware, economists proceed without the assistance of any economic theory.
In mainstream economics, there are only ad hoc fragmentary theoretical explanations that appear to meet the immediate needs of the moment.
How Does Concordian Economics Resolve the Crisis?
Through intense analysis, see The Economic Process (2002, 2009, 2016), pp. 3-137, Concordian economics defines Saving as Hoarding, or nonproductive wealth, and Investment as productive wealth.
Everything changes in economics: everything becomes coordinated. A quick look at some of the most important results validates these broad statements.
First: Filling the Black Box with the Economic Process The Revised Keynes’ Model reveals the existence of the equality of Investment to Consumption. “I=C, I love it!” wrote in 2014 a correspondent who wishes to remain anonymous. ”In fact, I think Keynes’s General Theory is incoherent without it… Someday, I=C will shift from radically ridiculous to patently obvious. I hope you get some of the credit.” “I” was scaffolding, which becomes clearer by identifying Investment as Production. Is not an investment made to produce more wealth? The equation thus reads: P = C. In logic, an equality to be valid must be an equivalence. Where is the third term? Deep analysis reveals that the third term is "Distribution" (of economic values of ownership rights). These relationships become more evident when put in a geometric format. Thus:
First: Filling the Black Box with the Economic Process The Revised Keynes’ Model reveals the existence of the equality of Investment to Consumption. “I=C, I love it!” wrote in 2014 a correspondent who wishes to remain anonymous. ”In fact, I think Keynes’s General Theory is incoherent without it… Someday, I=C will shift from radically ridiculous to patently obvious. I hope you get some of the credit.” “I” was scaffolding, which becomes clearer by identifying Investment as Production. Is not an investment made to produce more wealth? The equation thus reads: P = C. In logic, an equality to be valid must be an equivalence. Where is the third term? Deep analysis reveals that the third term is "Distribution" (of economic values of ownership rights). These relationships become more evident when put in a geometric format. Thus:
Even in the purchase of a chocolate bar, there are these three interlocked element: real wealth, money, and ownership rights. Does anyone dare to get out of the store without the sales slip?
The Second Most Important Change Concordian economics transforms the fundamental proposition of economics from the equality of Saving to Investment to the complementarity of Saving/Hoarding to Investment.
The Second Most Important Change Concordian economics transforms the fundamental proposition of economics from the equality of Saving to Investment to the complementarity of Saving/Hoarding to Investment.
A Relation of Complementarity Between Hoarding and Investment determines that more Hoarding, less Investment/Growth; more Hoarding, more Inflation (more money in circulation with less growth; more Hoarding, more Poverty.
Concordian economics thus concentrates its attention on issues of growth, inflation, and poverty. These issues are examined in detail in The Economic Process (2002, 2009, 2016), pp. 139-358.
Third Change: The Completion of the Theory of Economic Justice Economic justice ruled the world for two millennia, up to when John Lock appeared and diverted our attention to the "justice" of property rights. To which the Socialists and Marx eventually responded: Let us rather talk of the injustice of property rights. And in this vice is the political and economic discourse mired. Concordian economics lets us get out of these straights by completing the doctrine of economic justice. There were two planks to the Aristotelian/Aquinian doctrine of economic justice: distributive justice and commutative justice (justice in the exchange—of wealth). Concordian economics adds the plank of participative justice and thus completes the theory of economic justice. Thus:
Concordian economics thus concentrates its attention on issues of growth, inflation, and poverty. These issues are examined in detail in The Economic Process (2002, 2009, 2016), pp. 139-358.
Third Change: The Completion of the Theory of Economic Justice Economic justice ruled the world for two millennia, up to when John Lock appeared and diverted our attention to the "justice" of property rights. To which the Socialists and Marx eventually responded: Let us rather talk of the injustice of property rights. And in this vice is the political and economic discourse mired. Concordian economics lets us get out of these straights by completing the doctrine of economic justice. There were two planks to the Aristotelian/Aquinian doctrine of economic justice: distributive justice and commutative justice (justice in the exchange—of wealth). Concordian economics adds the plank of participative justice and thus completes the theory of economic justice. Thus:
Economic Theory Economic Policy/Economic Justice
In Concordian economics, there is a one-to-one correspondence between theory and policy. Concordian economics, as summarized below, calls for the implementation of the project of economic justice.
Fourth Major Change
The complex institution of eonomic justice is brought down to earth through the implementation of economic rights and responsibilities: one for each factor of (modern) production. Thus:
A Tablet: Four Economic Rights and Responsibilities
These four economic rights and responsibilities are brought to life through the implementation of four—actually, five—Plans of Action..