JEL SECOND Annotation of EP

Journal of Economic Literature 

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The following annotation will appear in the December 2017 issue of theJournal of Economic Literature (Volume 55, no. 4) and in the American Economic Association's electronic publications: e-JEL, JEL on CD, and EconLit.

GORGA, CARMINE. The Economic Process: An Instantaneous Non-Newtonian Picture. Third edition. Concordian Economics, vol. 1. Columbia, SC: CreateSpace, 1978 . . . 2001 2016. Pp. xxii, 443. ISBN 978–1–5405–8656–8, pbk. 

JEL 2017–1367       

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. Discusses the need to transform economic theory into “simple” and “obvious” economics; John Maynard Keynes’s thought as the apex of classical economics; the move toward Concordian economics; the lack of homogeneity in Keynes’s model; the simplicism—and forced doublespeak—of Keynes’s model; the lack of true equivalence in Keynes’s model; considering neither classical nor mainstream, but rational economics; the dissection of Keynes’s model and the dissolution of the savings–investment nexus; the history of the word “saving”; going beyond Adam Smith’s conception of saving; going beyond Keynes’s “definition” of investment; the definition of saving, hoarding, and investment; the real saving–investment system; a sartorial movement—turning Keynes’s model inside out or turning mainstream economics into Concordian economics; the concept of consumption; the concept of income and the flows model as a whole; the economic process as a whole; simplistic descriptions of the economic process; the production process; the consumption process; the distribution process; economic growth—the normal outcome of the unfolding of the economic process; inflation— the outcome of the economic process gone awry; the move toward econometrics—closing the gap between macro- and microeconomics; poverty and the economic process; and the elimination of absolute poverty through the right to create all the wealth one needs. Index.