An Era of the Wise Man: The Expectation-Led Market Principle (Hardcover) (ISBN-13: 9781487808372)

An Era of The Wise Man is an economic critique of the price mechanism which underpins classical Western economics. In the contemporary era, particularly since the global financial crisis of 2007/08, conventional free-market theory has proved fallible and ineffective in guiding economies out of crisis and generating robust growth. The author suggests adopting a new principle within economic theory, reflecting the imperfections of real-world markets rather than hypothetical perfect markets, and centering on demand expectation.

With reference to China's rapid economic development in recent decades, this book advocates the expectation-led market principle, which draws a distinction between demand as defined by Adam Smith and classical economics, with that of demand based on expectations--a theory discussed at length in later chapters. Essentially, this theory rejects several assumptions that form the basis of classical economics; however, it does not dismiss conventional economics entirely. For readers interested in economics, this book provides a thorough rebuttal to economic orthodoxy and offers an alternative point of view.

Author: Ruyu Zhao
ISBN-10: 1487808372
ISBN-13: 9781487808372
Publisher: Royal Collins Publishing Company
Language: English
Published: 11/30/2021
Pages: 192
Format: Hardcover
Weight: 0.85lbs
Size: 8.50h x 5.90w x 0.60d