Marconomics : defining economics through social science and consumer behavior / by Ken R. Blawatt, KRB Associates Canada, adjunct professor, Arthur Lok Jack Graduate School of Business, University of West Indies, POS, Trinidad.

Format:

Book

Author/Creator:

Blawatt, Ken R., author.

Series:

Gale eBooks

Language:

English

Subjects (All):

Economics.

Economics--Sociological aspects.

Consumer behavior.

Physical Description:

1 online resource (xviii, 384 pages) : illustrations

Place of Publication:

United Kingdom : Emerald, 2016.

Summary:

Marconomics is about human economics. This text introduces marconomics, examining how the use of the social sciences, consumer behavior in particular, is used to explain and develop economic activity. Blawatt argues the philosophy and principles of the classical school of economic thought are problematic and should be replaced with a new model. He develops a paradigm in the form of two correlated variables that provide the rationale for three economic domains: entrepreneurial, managed, and mass market economies that tell us how business, money, and people work. An economy is a dynamic, behavior-driven structure that is influenced by human variables and exogenous factors that need be included in the creation of models and policies. Marconomics sets an initial framework on which further social scientific research may advance an improved understanding of the discipline.

Contents:

Front Cover; Marconomics: Defining Economics through Social Science and Consumer Behavior; Copyright Page; Contents; Author Biography; Acknowledgments; Preface; Abstract; Section I: The Flagging World of Mainstream Classical Economics; 1 Economics of Power - Failure of Classical Economics; The Rise of Inequality; About the One Percent; Wherein Lies the Problem?; The Instruments of Power; Classical Economics: The Religion of Power; Levers of Manipulation; 2 Origin of the Economic Belief System; How It Began; Development of the Monetary System; The Creation of Classical Economics

Building a Religious Belief System3 The View of Notables: Questioning the Creed; What Is Economics?; Disciples of Change; Issues in the Discipline; The "Science" of Economics; In Conclusion; 4 Works of Dissent; A Critical Anthology; More Criticism; Unrelenting Guardians of the Creed; Education by Rote; Questioning the Basics of Microeconomics; Summary; 5 Discarding the Tenets of Belief; Part One - The General Case; The Notion of the Free Market; The Notion of Economic Demand; The "Theory" of Equilibrium; Summary; 6 Challenging the Tenets of Faith; Part Two - In Business

Land, Capital, and Labor - And the EntrepreneurTheory of the Firm; Comparative Advantage; Economies of Scale; A Diseconomy of Scale as the Firm Becomes More Complex; Communication Diseconomies of Scale as the Firm Becomes More Hierarchical; Motivation Diseconomies of Scale; The Need to Revise Instruction in Economics; Section II: The Shift Toward Behavioral Economics; 7 The Emergence of Behavioral Economics; Human Activity in Economics; Behavioral Economics; Prospect Theory; The Breadth of Behavioral Economics; The Psychology of Economic Behavior; Conclusion

Appendix: Partial List of Cognitive Biases8 Shifting Toward Economic Reality in the Marketplace; Criticisms of Behavioral Economics; Experimental Testing; Utility and Behavioral Economics; Summary; The Psychology of Decision-Making; 9 The Role of Buyer Behavior and Economics; Behavioral Economics and Decision-Making; Consumer Decision-Making: The Role of Buying Behavior; Behavioral Models; Consumer Economic Behavior; Summary; Section III: Introduction to Marconomics; 10 Major Variables of Economic Performance; Consumer Decision-Making; The Primary Determinants of Buying Behavior

The Utility - Benefit SpectrumThe Cost - Value Spectrum; The Concept of Demand: A Flawed Foundation; Consumer Decision-Making; Marconomics - Building the Micro Behavioral Economics Thesis; 11 Scientific Evidence from the Market Place; Terms of Reference; The Hypotheses; Research Method and Comments; Questionnaire Design; Statistical Testing and Reliability; Results and Findings; The First and Second Hypotheses; The Third and Fourth Hypotheses; The Fifth Hypothesis; Factor Analysis; Mythology of Supply and Demand; Limitations and Commentary; Conclusion from the Research

12 The Economy in Four Dimensions

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Print version record

ISBN:

9781786355652

1786355655

OCLC:

956520329