ECONOMICS
by
or
mEC[h]ONOMICS
Here I would like to present a new approach
to economics which effectively makes it similar to any other natural science
like physics. Principal ideas for the new concept are borrowed from the field
of geomechanics.
So, it is absolutely natural to call this new economic theory MECHONOMICS, i.e.
a combination of economics and geomechanics.
This term refers to both geomechanics and
economics. As in mechanics, relationships describing the new concept are strict
and deterministic. Most of them are obtained by routine procedures for
mathematical description of empirical data.
Mechonomics as a concept is described in
several papers. As in any strict sciences, the papers
contain numerous illustrations necessary for understanding the approach and
comparison of the predicted and observed values.
I have intentionally introduced several new terms in order to separate from conventional economics. The latter uses many immeasurable terms. The newly introduced parameters can be easily measured following a simple and clear procedure. One can even measure these parameters for herself/himself and estimate own position in the Personal Income Distribution. The position defines the probability for a person to get rich in future. No one can get rich if her/his current income is below the current threshold value.