Major and minor aspects of the "Big Picture"

Major and minor aspects of the "Big Picture"

To properly teach our subject it is necessary to outline its basics, and to fill in with some secondary details later. The main subject should be theoretical macroeconomics of our social system (see attachment) and the details are numerous and probably cannot be covered in a full course of economics (especially with pluralism) and this means making the selection of different streams of study like: history of economics, econometrics and statistics, analytic methods including mathematics, descriptive material on the various schools of thought, political economics. etc.

Points

It is very easy to become confused in this subject because so much detail is being taught without the basic structure of our social system being properly explained first. My writings in two papers and a book about this matter, including the full diagram provide a better basis for this claim.

It will be noted in this model that the 6 entities include that of the landlord (green) as a separate function which should not be confused with the capitalist. This revision of Adam Smith's classification of the production process is vital. It replaces the confusion with what John Bates Clark and others introduced for political reasons in about 1900, where he attempted to combine these two independent aspects of our society.

Plurality is all very well once one has a frame on which to hang its various aspects. So this frame is a vital first subject for the students to understand. Then there is a second problem. Pluralistic economics has so many different kinds of branches that it would be too difficult to study them all within the Masters time-table. So we need to have different streams of related subjects, to be allocated for the students to decide on which is of importance to them.

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