Consumption Oriented Free Capitalism

Intellectual temper of social and economic studies of our time are profoundly influenced by modern development of physical sciences and that of logical, mathematical and statistical analysis. In sorting out enlightening intellectual insights from occasionally muddled reasons of classical theories, intelligence of our time has nurtured a mental attitude in favor of precise, quantitative and piece meal analysis over imprecise, qualitative and grand scale discussion of classical social studies. Classical theories, though delivered results of great intellectual merit and deep penetrating insight, are mostly styled in ways that are either evasive or unable to stand detailed logical scrutiny and quantitative reality check. That the intelligences of our time have built collectively a body of intellectual property of monumental size based on quantitative analysis, the applications of which have assisted to grant the world today a material prosperity that is beyond the wildest dreams of the past speaks volume for the modern attitude. The ruins of the intellectual work of the past, however, are still stimulating great admirations, and an unsettling regret. Despite all the collapsed grand systems of occasionally muddled reasons, one can not help missing the lofty attitude classical writers possessed and the deeply penetrating quality of their intelligence. There are sparkling gems in these ruins, the kind one could never be able to fashion without the kind of blind bravery and overwhelming passion inspired by unquenchable curiosity of human intelligence in grasping the essence of puzzling phenomenon of great complexity. Academic studies of recent times have been swamped by technicality and details. Worldly considerations have inched deeply into inquisitive mind to hinder intellectual curiosity. Economics study, facing ever mounting calls for solutions of concrete problems arising from an economic system of ever multiplying complexity, has decided to serve the practical request of the society through direct participation. With all the elaborated intellectual intricacies, it has become largely a practical profession tangled with the ongoing social and economic struggle, seeking political influence, money reward and social prestige with an ever presumptuous piece meal attitude. There is, however, only so much such mental attitude can do. Facing an ever confusing reality, people need an overall mental framework, one tries to tell where we come from and where we are heading to, the likes of theories the classical writers tried to build. Otherwise all we could achieve intellectually would be endlessly confusing technical debate of subjective expert opinions motivated by worldly interest. The following pages are divided into two parts. The first part is a hybrid of my studies of various social subjects, aimed at constructing an overview on the characteristics of the modern social and economic systems. My presentation in this part follows mostly the qualitative style of neo-classical theory of political economics. Conclusions of this part are critically important for the development of the mathematical model introduced in the second part, by which we investigate the short and long term stability of the modern economic system. The latter part fits more to the style of current economic writing.