The nineteenth century economic system which is called the “Macro view” or the “Economic Science view” has been a dominant view of economics for more than two centuries now. A lot of economists today still are influenced by this particular view. I would like to examine the validity of this particular economics view.
The Macro view of economics, as it has been called by many of the great economists that have taught us in this area of the study of economics, states that there are no natural laws. These are just myths that are based on human emotion and superstition. What people say that there are natural laws, such as a law of gravity, has nothing to do with reality. For instance, there is no real evidence that this theory has any meaning and therefore it is completely false.
In the real world, there are certain types of laws that are there to help guide the behavior of individuals and businesses. These laws are not created by humans, so the laws are what we call “Natural Laws.”
Every country has different laws about property ownership and the types of people that can own homes in their country. Each country has different laws as well. This is true when it comes to business and financial transactions as well.
The main problem with the Macro view is that it does not take into consideration how human beings behave when they are in control of their money and business. When an individual does not control his money and business, he will always have a problem because people will be unable to make the proper decisions.
The real view of economics is that it is the Individual who controls his money and business, rather than the macro view that says that he does not. In other words, the real view of economics is that the Individual makes the decisions, and the Macro view only has meaning when an individual controls his money and business.
I would also like to point out that the Macro view has never produced any economic data and all it has ever done is stated a theory, that in reality there are no such facts. If someone were to study history and economics, they would see that this macro view has failed to produce any economic data. Even though these people who have studied history and economics have looked at countries like the United States, China, and India and have concluded that they have different types of laws and rules, when it comes to business, these same countries have different types of business and financial institutions.
Therefore, they are in fact very different from other countries. Therefore, the theory that states that there are no economic facts is not based on anything but emotion and superstition. It simply states that no matter how people act, whether they behave in one nation or another, they all have the same economic behavior.
The micro view of economics on the other hand, states that it is always the Individual and the Government that determine the laws and the economy and is responsible for the economic behavior of the nation. There are no laws of nature.