How Could The Cognitive Revolution Happen To Economics? An Introduction to the Algorithm Framework Theory

Please cite the paper as:
Bin Li, (2019), How Could The Cognitive Revolution Happen To Economics? An Introduction to the Algorithm Framework Theory, World Economics Association (WEA) Conferences, No. 1 2019, Going Digital, 15th November to 16th December, 2019

Abstract

This paper introduces a highly original theory. What is human capital or knowledge theoretically? How do innovations happen? How could microeconomics integrate with macroeconomics? Where do institutions & organizations come from? How to define and endogenize money? How to synthesize irrationalities into rationalities? How to coordinate dynamics with statics (or equilibria)? Etc. All of the answers lie in the principles of computer science, which are interpreted in a distinct way transcendentally in this paper, and then reformed into a concise theory on how a person thinks. This is called the Algorithm Framework Theory, which implies the method of roundabout production of thoughts, consisting of the factors of dualism, time or speed, flows and stocks, etc. Reasoned economically, the theory surprisingly leads to pluralism, conflicts, subjectivities, irrationalities, innovations, developments, the Combinatorial Explosions and eventually an embracive paradigm of the society. The synthesis means that a unified social science and a unified economics take place. Also methodological synthesis is included briefly.

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