To become more useful and efficient in sustaining the Earth's health, economics must undergo a paradigm shift in its thinking. From a humanistic perspective, humans should be the center of everything. However, from the standpoint of physics and the universe, this is not the case. As a species, having a planet among the millions in the universe where humans can survive and thrive is already a great fortune. Through this book, we also try to answer one of our long-standing (...) questions: why has economics learned so little from physics, the oldest and most rigorous academic discipline that studies nature? -/- Learning from the quantum and information theories, we also provide a new definition of value, which is expected to help economists relax assumptions and loosen established economic principles in order to change and evolve. The new definition is also expected to enable social scientists to address newly arising phenomena or events that are not accounted for by existing value systems, such as environmental crises, artificial intelligence (AI), and interdisciplinary information, more proactively and productively. (shrink)

“Better Economics for the Earth: A Lesson from Quantum and Information Theories” by Quan-Hoang Vuong and Minh-Hoang Nguyen is an eye-opener to many aspects of my life and existence.

Mấy dòng ngắn để bố cáo có vidéo ngắn (khoảng gần 1 phút) của anh Jordan Kelly trên Amazon.

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

The interdisciplinary economics book “Better Economics for the Earth: A Lesson from Quantum and Information Theories” by Prof. Quan-Hoang Vuong and Dr. Minh-Hoang Nguyen introduces a new concept of “growth” and “eco-surplus culture,” aiming toward an economic system that “heals” the Earth.

This data collection comprises of Amazon reviews of the book titled “Better Economics for the Earth: A Lesson from Quantum and Information Theories.” These reviews will be analyzed and updated to identify factors that stimulate and influence readers’ perceptions of economics and the environment. Better Economics for the Earth is a groundbreaking work that reimagines the field of economics through the lenses of quantum and information theories. It introduces a transformative framework for understanding and (...) addressing environmental challenges, offering a redefined concept of value that goes beyond traditional paradigms of growth and profit. The book also emphasizes the concept of eco-surplus culture, which facilitates societal transitions toward a sustainable economic paradigm. (shrink)

“Better Economics for the Earth: A Lesson from Quantum and Information Theories” is a synthesis of ideas that promise to revolutionize our understanding of economics. Authors Quan-Hoang Vuong and Minh-Hoang Nguyen nurture a refreshing perspective by intertwining complex scientific theories with the intricate dance of economic systems. Their exploration goes beyond the traditional frameworks, engaging readers in a journey that teases the intellect while whispering secrets of the universe that are intimately tied to our everyday lives. The (...) book earns a glowing 5 out of 5 stars for its audacious approach to expanding economic thought, its emotional resonance, and its ability to captivate the intellect. Vuong and Nguyen have crafted a narrative that is not only timely but also timeless, as it invites readers to be part of a dialogue that could transform our world. This book is essential reading for anyone eager to explore the nexus of science and economics, pushing boundaries while maintaining an engaging and humane touch. (shrink)

In Economics Rules, Dani Rodrik (2015) argues that what makes economics powerful despite the limitations of each and every model is its diversity of models. Rodrik suggests that the diversity of models in economics improves its explanatory capacities, but he does not fully explain how. I offer a clearer picture of how models relate to explanations of particular economic facts or events, and suggest that the diversity of models is a means to better economic explanations.

In the face of escalating environmental crises, the role of economics in shaping sustainable solutions has come under increasing scrutiny. Traditional economic paradigms, often grounded in the pursuit of growth and efficiency, have been criticized for neglecting the environmental costs of human activities. This disconnect between economic theory and ecological reality has prompted calls for a profound transformation in how economics is studied, taught, and applied. -/- Books on economics, as key instruments for disseminating knowledge and shaping (...) thought, hold a pivotal role in this transformation. By integrating interdisciplinary insights, challenging foundational assumptions, and prioritizing environmental sustainability, these texts can equip future economists and the broader public with the tools needed to tackle the planet’s most urgent challenges. But how can economics books effectively foster a sustainable future? How should their content, structure, and approach be to make them effective catalysts for ecological stewardship? -/- This study represents one of the first attempts to address these questions through a quantitative approach. Specifically, it analyzes Amazon’s book reviews of Better Economics for the Earth: A Lesson from Quantum and Information Theories to identify factors that stimulate and influence readers’ perceptions of economics and the environment. (shrink)

If you’re looking for a fresh take on solving our planet's environmental issues, “Better Economics for the Earth” by Vuong and Nguyen is a must-read. This book is not just another dense economic text; it’s a riveting exploration into how quantum physics and information theory can totally transform our approach to economics, making it more suited to tackle today’s ecological crises.

Given the higher advantages attributed to larger mitigation scenarios, expecting better natural conservation outcomes and economic returns from national- and global-scale impact mitigation mechanisms seems reasonable. However, such scenarios can hardly happen if the current eco-deficit cultures remain prevailing. If we can build eco-surplus mindsets among a majority of populations on Earth, especially private sectors, not only impact mitigation mechanisms at a global scale but also the semi-conducting principle of monetary and environmental values exchange will be successfully adopted and (...) implemented. (shrink)

If you’re looking for a fresh take on solving our planet's environmental issues, “Better Economics for the Earth” by Vuong and Nguyen is a must-read. This book is not just another dense economic text; it’s a riveting exploration into how quantum physics and information theory can totally transform our approach to economics, making it more suited to tackle today’s ecological crises.

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

Overall, "Better Economics for the Earth" is a significant contribution to the growing field of ecological economics. It offers a fresh perspective on economic thinking and challenges conventional assumptions. While its full impact remains to be seen, the book has the potential to shape future economic debates and policies.

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

In the first part of this two-part work, the economics of higher education are explained. It is made clear how a university’s business model differs from that of a company that has to compete on the open market. On this basis, it is explained: -/- (i)Why universities are in no way threatened by low retention-rates and graduation-rates; (ii)Why universities cannot significantly improve or otherwise alter the quality of their educational services without imperiling their very existences; (iii)Why universities do not (...) have to improve the quality of their educational services; (iv)Why universities couldn’t improve the quality of their services even if they wanted to; (v)Why the fact that many universities have low retention- and graduation-rates does not a represent a business opportunity, or opportunity of any other kind, for anyone, whether inside or outside of academia; and (vi)Why principles of Knowledge Management (KM) that are so useful when it comes to helping businesses that compete on the open market are completely useless, and indeed of negative utility, when it comes to helping universities solve their problems. -/- In the second part of this work, it is explained how to construct an online university that is both lucrative and also provides instruction that is faster, better, cheaper, and more useful than the instruction provided by any existing (or possible) brick-and-mortar university. Finally, it is explained how the principles of KM can be used to optimize such a university, once it is up and running. (shrink)

In this paper, I compare the methodology of the Austrian school to two alternative methodologies from the economic mainstream: the ‘orthodox’ and revealed preference methodologies. I argue that Austrian school theorists should stop describing themselves as ‘extreme apriorists’ (or writing suggestively to that effect), and should start giving greater acknowledgement to the importance of empirical work within their research program. The motivation for this dialectical shift is threefold: the approach is more faithful to their actual practices, it better illustrates (...) the underlying similarities between the mainstream and Austrian research paradigms, and it provides a philosophical foundation that is much more plausible in itself. (shrink)

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

The complexity that we observe in nature can often be explained in terms of cooperative behavior. For example, the major transitions of evolution required the emergence of cooperation among the lower-level units of selection, which led to specialization through division-of-labor ultimately resulting in spontaneous order. There are two aspects to address explaining how such cooperation is sustained: how free-riders are prevented from free-riding on the benefits of cooperative tasks, and just as importantly, how those social benefits arise. We review these (...) problems from an economic perspective, and highlight how ideas from economics can help us to better understand how the benefits of social interactions arise, how they are sustained, and how they affect the underlying social dilemmas. (shrink)

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

If you’ve got millions of dollars to donate, don’t donate them to academic philosophy. Producing philosophical articles and books faces diminishing returns and diverts money and attention from more important causes. Many philosophy books and articles contradict each other; at best, only some can be correct. Philosophy classes are poor at instilling critical thinking skills. Resources that would be spent on philosophy would be better spent elsewhere.

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

Economics claims to be an independent empirical social science but empirical evidence of the last century challenges this claim. By contrast Caritas in Veritate contains a set of linkages that demonstrate that economics is related to morals, anthropology and theology. Economics is practiced in a cultural setting with a moral dimension related to the human person, which is ultimately grounded in the nature of God. Pope Benedict has focused on love and gift as human qualities reflecting the (...) Divine nature. The anthropology that proceeds from this is a development of Pope John Paul II’s emphasis on human dignity and freedom. It suggests moral principles that can guide culture, social institutions and hence economic action. Pope Benedict uses his reflections on the social order to comment on the problems of development for less developed peoples, but his analysis also completes one theme of the social encyclicals. Whereas Pope Leo XIII concentrated on economic and political fundamentals such as property and political organization, subsequent contributions turned attention more towards the human actor in relationship to God. Pope John Paul II made this explicit by turning attention to anthropology. Pope Benedict has connected these and completed the vision initiated by his immediate predecessor. He has described more completely the grounding of anthropology on the family, culture and ultimately the Most Blessed Trinity. The encyclical can be read as an invitation to a broader methodology for economics, one that is better conformed to actual market actors and that has the capacity to overcome some of the contentious aspects of the current discipline. The groundwork has been established by thinkers including Aristotle and St. Thomas Aquinas and some of its elements are evident in the economic organisation of many non-modern cultures. (shrink)

Within the Anglo-American world, economic liberalism is generally viewed as having only one progenitor—Adam Smith—and one offspring—neoliberalism. But it actually has two. The work of G. W. F. Hegel was also very influential on the development of economic liberalism, at least in the German-speaking world, and the most powerful contemporary instantiation of economic liberalism within that world is not neoliberlaism, but ordoliberalism, although this is generally unknown and certainly unacknowledged outside of Continental Europe. Accordingly, what I am going to be (...) doing in this piece is trying to bring ordoliberalism more directly into the light—I will argue that by comparing and contrasting the views of Smith and Hegel or at least between how Smith and Hegel tend to be currently (mis)understood, we can better understand both the roots and the nature of these two contemporary incarnations of economic liberalism, and the light this sheds, in turn, brings some interesting and important features of these two contemporary theories into view. From Smith, for example, neoliberals took the idea of the invisible hand, although I am going to argue that contemporary advocates of invisible hand theory have largely misconstrued or at the very least overstated the significance of this metaphor. From Hegel, in contrast, ordoliberals took the idea of the civil society, and I will argue that the civil society is a much better metaphor not only for Hegel's but also for Smith's views. Indeed, I will argue that ordoliberalism, not neoliberalism, is a better and more coherent instantiation of economic liberalism than neoliberalism could ever be. (shrink)

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

Most properties have comparatives, which are relations. For instance, the property of width has the comparative relation denoted by `_ is wider than _'. Let us say a property is reducible to its comparative if any statement that refers to the property has the same meaning as another statement that refers to the comparative instead. Width is not reducible to its comparative. To be sure, many statements that refer to width are reducible: for instance, `The Mississippi is wide' means the (...) same as `The Mississippi is wider than most rivers'. But some statements that refer to width are not reducible: for instance, `Electrons have zero width' is not. A property is not reducible to its comparative if it has absolute degrees, and specifically an absolute zero. A property's comparative relation places things in an order from those that have the property least to those that have it most. If there is an absolute zero point somewhere in this ordering, the property is not reducible to its comparative. For width, there is an absolute zero at one end of the ordering, so width is not reducible. The property of goodness is reducible to its comparative, betterness. In particular, there is no absolute zero of goodness. Things are ordered by betterness – some things are better than others – but nothing is absolutely good or absolutely bad. This is an exaggeration. In certain applications, goodness does have absolute degrees of a sort, and an absolute zero. For instance, it makes sense to say an event is good, and another event bad. These are absolute degrees of a sort, but they are themselves reducible to betterness. To say an event is good simply means the event is better than what would otherwise have happened. The goodness of lives has a different sort of absolute zero. Lives are ordered by betterness; some lives are better than others. We can make sense of the question `Where in this ordering is the division between lives that are good and those that are bad?' The division between good and bad lives is again reducible to betterness. To say a person's life is good means it is better that the person should continue living, rather than that she should die. Or it may mean it is better that her life should be lived rather than that it should never have been lived at all. As it is often put: a good life is a life worth living. Derek Parfit appears to attach a different sense to the idea of a good life. He appears to mean a life that contains a preponderance of good things (such as pleasure) over bad things (such as pain). If a life contains no good things and no bad things, it has zero goodness in this sense. In this sense, absolute goodness and the absolute zero of goodness are not reducible to betterness. However, this is a naturalistic sense of goodness, and it is subject to the open-question objection. If a life contains no good things and no bad things, it is an open question whether it has zero goodness. It might, for instance, be a bad thing that this life should be lived. In discussing the evil of death, some philosophers seem to have been searching for an absolute goodness that is not reducible to betterness. Thomas Nagel speaks of an asymmetry between what is good about life and what is bad about death. But if a person's life is good, that only means it would be better that she should continue living than that she should die. And if a person's death would be bad, that only means it would be worse that she should die than that she should continue living. So there can be no asymmetry. (shrink)

Scholars have compared the transitional justice processes of Colombia and South Africa in some respects, but there has yet to be a systematic moral-philosophical evaluation of them regarding how they have sought to allocate economic goods. Here I appraise the ways that South Africa and Colombia have responded to their respective historical conflicts in respect of the distribution of property and opportunities. I do so in the light of a conception of reconciliation informed by a relational ethic of harmony, a (...) value salient in the worldviews of many indigenous peoples in both Africa and South America. I argue that, given such an account of reconciliation, one of Colombia’s major proposed ways of allocating property and opportunities, whereby offenders would labour for the sake of improving victims’ socio-economic conditions, would be much better than what South Africa has done, even if Colombia has yet to put such a policy systematically into practice. (shrink)

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

Austrian economics emphasizes a priori components of social scientific theory. Most emphatically, Ludwig Mises and Murray Rothbard champion praxeology, a methodology often criticized as extremely aprioristic. Among the numerous justifications and interpretations of praxeology to be found in the primary and secondary literature, conventionalism avoids the charge of extreme apriorism by construing the fundamental axiom of praxeology as analytic instead of synthetic. This paper (1) explicates the tentative structure of the fundamental axiom, (2) clarifies some aspects of a conventionalist (...) defense of praxeology, and (3) appraises conventionalist praxeology according to Rothbardian criteria. While Rothbard provides an essentialist justification of praxeology and embraces extreme apriorism, a mildly aprioristic conventionalist defense of praxeology fares better on Rothbard’s own criteria and is much more compatible with other contemporary methodological positions and economic theories. (shrink)

Given the endowment effect, the role of attention in decision-making, and the framing effect, most behavioral economists agree that it would be a mistake to accept the satisfaction of revealed preferences as the normative criterion of choice. Some have suggested that what makes agents better off is not the satisfaction of revealed preferences, but ‘true’ preferences, which may not always be observed through choice. While such preferences may appear to be an improvement over revealed preferences, some philosophers of (...) class='Hi'>economics have argued that they face insurmountable epistemological, normative, and methodological challenges. This article introduces a new kind of true preference – values-based preferences – that blunts these challenges. Agents express values-based preferences when they choose in a manner that is compatible with a consumption plan grounded in a value commitment that is normative, affective, and stable for the agent who has one. Agents who choose according to their plans are resolute choosers. My claim is that while values-based preferences do not apply to every choice situation, this kind of preference provides a rigorous way for thinking about classic choice situations that have long interested behavioral economists and philosophers of economics, such as ‘Joe-in-the-cafeteria.’. (shrink)

Scientists and engineers seek to understand how real-world systems work and could work better. Any modeling method devised for such purposes must simplify reality. Ideally, however, the modeling method should be flexible as well as logically rigorous; it should permit model simplifications to be appropriately tailored for the specific purpose at hand. Flexibility and logical rigor have been the two key goals motivating the development of Agent-based Computational Economics (ACE), a completely agent-based modeling method characterized by seven specific (...) modeling principles. This perspective provides an overview of ACE, a brief history of its development, and its role within a broader spectrum of experiment-based modeling methods. (shrink)

Even where willingness-to-pay as a measure of welfare impact is adjusted for diminishing marginal utility, welfare economics is shown to favour policies that add to the life expectancy or that enhance the quality of life of persons who are already better-off. I propose an alternative, Equal Respect methodology, under an axiomatic claim that at the point of decision the prospective life years of all individuals are of equal intrinsic social value. This justifies equal valuation of risk mitigation across (...) all persons; similarly, all appraised impacts should be scaled to accord equal respect to difficult but no-less-valuable lives. (shrink)

Cuốn sách “Better Economics for the Earth: A Lesson from Quantum and Information Theories” (tạm dịch: Kinh tế học tốt hơn cho trái đất: Bài học từ lý thuyết lượng tử và thông tin”) là một đóng góp nhỏ của tác giả Vương Quân Hoàng và Nguyễn Minh Hoàng (Trường Đại học Phenikaa) cho nghị sự về bền vững môi sinh toàn cầu. Quyển sách kết hợp lý thuyết lượng tử và thông tin để đề xuất các ý (...) tưởng kinh tế đột phá, nhằm ứng phó với khủng hoảng môi trường và biến đổi khí hậu, hướng tới xây dựng một trái đất bền vững. (shrink)

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.

This paper is part of a larger project to better understand the limitations of the economic theory of agency and incentives.1 The economic approach focuses on extrinsic incentives whereas a better understanding of human organization requires an understanding of intrinsic motivation and the complementary or substitutive relationships with extrinsic motivation. I will focus on different treatments of informational or “panoptic” questions regarding transparency or non-transparency in the management of firms or other human organizations. This context will give the (...) questions definiteness but the ideas might also be applied in a broader social context. As a conceptual framework, I will use the seminal work of Douglas McGregor. The economic approach to agency and incentives theory is based essentially on what McGregor called the “Theory X” worldview, and the alternative explored here is essentially what he called the “Theory Y” view of individuals in organizations. (shrink)

The books’ goal is to answer the question: Do the weaknesses of value-free economics imply the need for a paradigm shift? The author synthesizes criticisms from different perspectives (descriptive and methodological). Special attention is paid to choices over time, because in this area value-free economics has the most problems. In that context, the enriched concept of multiple self is proposed and investigated. However, it is not enough to present the criticisms towards value-free economics. For scientists, a bad (...) paradigm is better than no paradigm. Therefore, the author considers whether value-based economics with normative approaches such as economics of happiness, capability approach, libertarian paternalism, and the concept of multiple self can be the alternative paradigm for value-free economics. This book is essential reading to everyone interested in the current state of economics as a discipline. (shrink)

This article proposes a political/economic philosophy for the new millennium to replace the traditional conservative/liberal labels. It is based on the concepts of enlightened capitalism, government partnership, and informed democracy (ECGPID). The article explains these concepts and offers new ideas to move the country towards a better way of solving difficult problems and public policymaking. Article posted July 2010.

This book, “Better Economics for the Earth,” offers a fresh take on how economics can evolve to better address modern challenges like environmental crises and AI. It draws on ideas from physics and quantum theory to redefine value and encourages economists to rethink traditional approaches. I really liked some of the figures and illustrations used to explain complex concepts—they really helped clarify the ideas presented.

The COVID-19 pandemic has caused a lot of challenges to the globalized world. Globally, it has decimated over six million lives. Since 2019, it has shook the world in many respects, especially, it disrupted economies and societies and halted the majority of human endeavor. Commentaries and reports from the World Health Organization (WHO) and the media showed an alarming situation that could be damning in low and middle income countries. Economic pundits and global public health experts also anticipated doom and (...) gloom for African countries. However, in terms of mortality, the Americas, Europe and Asia have suffered more losses. Irrespective of these loses in Europe, Africa’s case needs better appreciation within our contemporary historical discourse. The burgeoning challenge of the COVID disease and mortalities arising thereby, among other things, necessitated the introduction of policies based on the WHO’s historical understanding of how the world has dealt with pandemics in the past. Some of the strategies that were deployed to fight the pandemic included hand washing under running water with soap, the use of alcohol based hand sanitizers, the wearing of nose masks, social distancing, self isolation as well as partial and complete lockdowns of states and communities. The major economic disruption really came about as a result of many lockdown policies that were implemented by several countries in Africa without proper reference to their own societal contexts. These issues notwithstanding, it is important to emphasize that the extent of the impact on different communities differed to a large extent, even though there were similar levels of the nature of the infection and the general economic outlook among the global community. This current contribution on the COVID-19 discourse used political economy and economic shock as bases to highlight the extent of the impact of the disease by highlighting examples from respective countries in Africa, namely, Ghana, Cameroon, Ethiopia, Algeria and South Africa. In particular, the impact of policies like lock-down on some of these African countries are highlighted for further discussions in future empirical research. The study relied on contemporary historical evidence from multidisciplinary sources on health, economics, policy, and other related studies on epidemiology, public health, health education and promotion, reports and sources from the World Health Organization (WHO). Specifically, the authors have used published research in Lancet, the International Journal of Infectious Diseases, BMJ Global Health, Frontiers in Public Health and the Pan African Medical Journal. The others were African Development Review, Transportation Research Interdisciplinary Perspectives, Africa Spectrum and International Journal of Financial Research including several other empirical research. In attempting a social and economic interpretation based on contemporary historical sense, the findings of this present study suggest that African political actors or leaders should make persistent or steady efforts to strengthen the economies of their states to lessen economic shocks and social costs that come about as a result of pandemics such as the COVID-19. It also identified the fact that within the globalized space, application of policies from other countries including international organizations should not be devoid of context. (shrink)

While this article sets out to advance our knowledge about the characteristics of Nigerian cybercriminals (Yahoo-Boys), it is also the first study to explore the narratives of the Economic and Financial Crimes Commission (EFCC) officers concerning them. It appraises symbolic interactionist insights to consider the ways in which contextual factors and worldview may help to illuminate officers’ narratives of cybercriminals and the interpretations and implications of such accounts. Semi-structured interviews of forty frontline EFCC officers formed the empirical basis of this (...) study and were subjected to a directed approach of qualitative content analysis. While prior studies, for example, indicated that only a group of cybercriminals deploy spiritual and magical powers to defraud victims (i.e. modus operandi), our data analysis extended this classification into more refined levels involving multiple features. In particular, analysis bifurcates cybercriminals and their operations based on three factors: [a] educational-attainment, [b] modus-operandi, and [c] networks-collaborators. Results also suggest that these cybercriminals and their operations are embedded in “masculinity-and-material-wealth”. These contributions thus have implications for a range of generally accepted viewpoints about these cybercriminals previously taken-for-granted. Since these criminals have victims all over the world, insights from our study may help various local and international agencies [a] to understand the actions/features of these two groups of cybercriminals better and develop more effective response strategies. [b] to appreciate the vulnerabilities of their victims better and develop more adequate support schemes. We also consider the limitations of social control agents’ narratives on criminals. (shrink)

Amazon Book Review Series of “Better Economics for the Earth: A Lesson from Quantum and Information Theories”.