• A Market Forces Model of Economic Behavior

    Author(s):
    Ken Blawatt (see profile)
    Date:
    2018
    Subject(s):
    Economics
    Item Type:
    Conference paper
    Conf. Title:
    Proceedings of the IABE-2008 Summer Conference,
    Conf. Org.:
    International Academy of Business and Economics
    Conf. Loc.:
    Stockholm Sweden
    Conf. Date:
    JUne 6 - 8, 2008
    Tag(s):
    entrepreneurial economics, marconomics, Market Forces, marketing
    Permanent URL:
    http://dx.doi.org/10.17613/M6P269
    Abstract:
    This theoretical paper challenges neo-classical economics in defining the operation of the marketplace and the economy. It develops the micro factors bedded in marketing constructs that are in fact extensions to those presented in behavioural economics. It proposes a new paradigm that better explains the demand concept still entrenched in much of today’s economic thinking. The paper develops the value – utility paradigm (Blawatt, 2004) to account for economic activity with reference to the product life cycle (PLC). The result is a more comprehensive model that defines the role of entrepreneurship and the need for continuous innovation as essential to maintaining competitiveness and economic health. The paper begins by establishing alternative theoretical micro-economic factors that would actually follow on current cognitive-psychological economic thinking. It employs these to create an explicative model showing that an economy can be defined by two major sectors, an alpha or dynamic entrepreneurial sector and a beta sector that is characterized as a managed, (Baumol, 2000) and declining sector. The implications confirm the need for dynamic entrepreneurial activity to offset older conventional industries as they decline or are absorbed by others. It opens the way for further research into why some nations prosper and grow while others do not, based on the entrepreneurial behaviour in the country, (Global Entrepreneurship Monitor, 2004).
    Notes:
    The paper introduces the the new social sciences approach to economics. It calls into play the forces of the marketplace, specifically consumer behavior in defining economic activity.
    Metadata:
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    Published as:
    Conference proceeding     Show details
    Publisher:
    IABE
    Pub. Date:
    June, 2008
    Proceeding:
    Advances in Innovation and Growth
    Page Range:
    41 - 61
    Status:
    Published
    Last Updated:
    5 years ago
    License:
    All Rights Reserved
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