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The Political State
Abstract
This chapter advocates for a paradigm shift. Its main critique problematizes the scale invariance that permeates economics (both orthodox and heterodox). Just like Newtonian gravitation, economics assumes that the relationships defining any given system, both internally and in relation to the environment, do not change when that system undergoes any dilation. In other words, no matter how large or small the system becomes, economics assumes that the laws governing its dynamics do not change. One example comes from using homogeneous production functions to ensure the scale invariance of growth models. In contrast, in physics, we know that there is a characteristic scale dictated by constants such as the speed of light or the Planck length. As objects reach that limit, the Newtonian model would no longer be valid. Economics due to its scale-invariance, furnishes public policy prescriptions that engender such scale distortions.
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