Brief History of EP

A Brief “History” of The Economic Process

Carmine Gorga

January 2018

The Economic Process (Gorga, 2002, 2009, 2016) presents a full treatment of the logical deficiencies of Keynes’ General Theory (1936) and an outline of the structure ofConcordian economics.

Quite apart from numerous positive evaluations, the book has been hobbled by two negative reviews, one from a reviewer (Broski, 2003) who could not find hoarding in the economic system; the other from a reviewer (Davidson, 2003) who openly admitted he was lost in the logic of the exposition of the book. All reviews of this book, and some evaluations of writer's overall work can be found at www.new-economic-atlas.com.

While the first negative review has to be evaluated against the discovery of the enormity of many current hoarding accumulations (see, e.g., The Paradise Papers), the second negative review has to be evaluated against this more complex backdrop. The book was published in April and annotated in the December 2002 issue of the Journal of Economic Literature. The reason for the negative review by Paul Davidson in the December 2003 issue of JEL was given in two statements, one of which cannot be found in the General Theory (I=S), and the other (I=H) which cannot be found in the Economic Process.

The errors in these two statements are so glaring, this writer was sure someone would eventually single them out. But no one did. So, three years later, he pointed them out to the editors of JEL. They evidently agreed, because they suggested that a letter be sent directly to Professor Davidson. That was done; but an answer is yet to be received.

In the meantime, the Editors of JEL have taken an apparently unprecedented decision. The book was annotated again in the December 2017 issue of JEL (p. 1642), with these introductory remarks: “Expanded third edition presents the transformation of economic theory into Concordian economics, shifting the understanding of the economic system from a mechanical, Newtonian entity to a more dynamic, relational process.”

References

Broski, M. 2003. The Economic Process: An Instantaneous Non-Newtonian Picture. Carmine Gorga. J. Markets and Morality 6 (1), 297-98.

Davidson, P. 2003. The Economic Process: An Instantaneous Non-Newtonian Picture. By Carmine Gorga. Journal of Economic Literature 41 (4), 1284-1285.

Gorga, C. 2002, 2009. The Economic Process: An Instantaneous Non-Newtonian Picture. Lanham, Md. and Oxford: University Press of America. Third Edition by The Somist Institute, 2016.

Keynes, J. M. 1936, The General Theory of Employment, Interest, and Money. New York: Harcourt.