Economic Theories

[GoodCallYouWin]

If you accept that capitalism is just the latest in economic theories, in the same was as Newton's law of gravity was just the latest scientific theory (that later got beaten up by Einstein) doesn't it seem natural that something will come along to replace capitalism? What could it possibly be?

[tomdemaine]

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If you accept that capitalism is just the latest in economic theories, in the same was as Newton's law of gravity was just the latest scientific theory (that later got beaten up by Einstein) doesn't it seem natural that something will come along to replace capitalism? What could it possibly be?

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Real capitalism.

[bobman0330]

A modification of capitalism that produces more efficient allocations of goods at extremely high velocities and near black holes?

[GoodCallYouWin]

Perhaps an economic theory that has as it's fundamental moral principle more humans instead of more goods.

[T50_Omaha8]

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If you accept that capitalism is just the latest in economic theories, in the same was as Newton's law of gravity was just the latest scientific theory (that later got beaten up by Einstein) doesn't it seem natural that something will come along to replace capitalism? What could it possibly be?

[/ QUOTE ]Capitalism isn't a theory in that sense of the word. It is an economic system.

Economic theories are things like supply/demand, and the principles behind them are extremely well-observed in any type of economic system--especially capitalism, but including communism or anything else. While economic non-traditionalists do their part to put an asterisk by many of the most developed ideas in economics, the thought that someone could come up with something to completely shock the foundation of something like consumer theory is extremely hard to believe. The main principles of this theory can be observed in virtually every single consumer in the world. Psychologists study the reasons that humans betray these theories when they do, but their explanations rarely pose any sort of shock to the theory. Usually such psychologists are not opposed to economic theory; they are just perplexed as to why humans betray it in certain instances.

It seems like you think some economic system might follow capitalism, which is possible. But it would undoubtedly have to use economics' theories of human behavior in a different way. You can't just change the way people think and act.

[Dan.]

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A modification of capitalism that produces more efficient allocations of goods at extremely high velocities and near black holes?

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I laughed. Does that make me lame?

[pvn]

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If you accept that capitalism is just the latest in economic theories, in the same was as Newton's law of gravity was just the latest scientific theory (that later got beaten up by Einstein) doesn't it seem natural that something will come along to replace capitalism? What could it possibly be?

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This is like saying "what will come along and replace green as people's favorite color?"

Things like the law of gravity explain physical properties. Theories of how the universe works may get refined over time, but the actual mechanics of the universe are not changing as the theories change.

Capitalism, on the other hand, is just some shorthand for describing some interactions between people. People can interact "captialisticly" at the same time that other people are interacting in different methods. Even if people think of new ways to interact, the thing we call capitalism won't necessarily disappear.

It's possible everyone will stop liking green. But even if someone invented a really cool new color that almost everyone liked even better than green, some people would still like green.

[LooseCaller]

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A modification of capitalism that produces more efficient allocations of goods at extremely high velocities and near black holes?

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I laughed. Does that make me lame?

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[econophile]

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If you accept that capitalism is just the latest in economic theories, in the same was as Newton's law of gravity was just the latest scientific theory (that later got beaten up by Einstein) doesn't it seem natural that something will come along to replace capitalism? What could it possibly be?

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capitalism is not an economic theory

i don't know what exactly to call it - maybe a mode of production

[Arnold Day]

Economics is not physics. I don't think that their will ever be a complete change in how we view economics any more because it is too simple. On the other hand the smartest person alive today probably cannot imagine where theoretical physics will be in 30 years.