Economic world: logic

Abstract

The article examines logical aspects of the economic universe through the lens of its key elements – resources, institutions and interconnections between them. It is emphasized that starting from the New Times one of the main issuesof economic science has been the study of logic, the historical tendency of movement of two key factors (resources): capital and labour. At this stage logical preconditions of the analysis of natural, financial, technological resources acquire considerable significance. The logic of capital and labour is investigated in the context of economic heritage of A. Smith, K. Marx, R. Luxemburg, representatives of the Cambridge school, modern authors (T. Piketty). Starting from ХІХ century, the correlation between capital value and labour value in the national income has been considered the main integral indicator reflecting the state and logic of labour. The logic of natural resources is most fully exemplified by the concept of sustainable economic development, which reflects the content and types of interrelations between the society and the natural environment both at present and in future. At the same time access, distribution and use of resources should take place on the basis of the expenditures-income principle and continue for each generation in a logical and fair way. The logic of technological resources is revealed primarily through the lens of industrial revolutions. Logical dimensions of financial resources have been represented in the works of J.S. Mill, J. Schumpeter and Ch. Kindleberger. Ch. Darwin’s theory of evolution is the basis of institutional logic. Traditions, customs, their evolution, influence on an individual’s behaviour and the philosophy of American pragmatism were the foundation of logic of Veblen’s institutionalism. The logic of relations between resources and institutions is based on the works of B. Russell, A. Whitehead and R. Carnap. Interactionof resources and institutions has been researched in the light of using resources by different generations of human communities and was called ‘the logic of the play between generations’.