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Paper Details

Novacene: The emergence of low cost microchip enabled information-economy from inexpensive petroleum based mass-production economy    

Tunç Özelli

Journal Title:Journal of Ekonomi

The text examines the main insights of the new sciences and disciplines, and shows how they reveal the flaws of orthodox NEOCLASSICAL ECONOMIC THEORY hacked from NEWTONIAN PHYSICS, in explaining and predicting the catastrophic events of the near economic history, and provides new ways of understanding the role of Alan Greenspan’s monetary policy of the United States [1987-2006] in the emergence of unimpeded global dominance of plutocratic intangible economy of ASSET MANAGER CAPITALISM that simultaneously produced a decade long secular stagnation in the rich world with global sharp steady increases in inequality of wealth and income distribution during and after the 2008 financial crisis. A brief history of the transition from MANAGERIAL CAPITALISM of nation states of the post-World War II institutionalized with the BRETTON WOODS AGREEMENT, to global ASSET MANAGER CAPITALISM, is presented to enlighten CHIMERICA’s evolution [China+America], and President Trump’s attempts to dismember it by enabling the emergence of a bipolar world- TECHNOLOGY COLD WAR by weaponized global interdependence. The globally interdependent techno-sphere is shown as an enabled outcome of the implementation of WASHINGTON CONCENSUS of Anglo-American ASSET MANAGER CAPITALISM, that survived a comatose near death experience in 2007-2008. The major warriors and battlegrounds of THE TECHNOLOGY COLD WAR are identified. The text shows how GAIA THEORY sheds new light on economic growth, how fuzzy logic affects the national accounts, how accounting systems over-value the assets of publicly traded multinational companies balance sheets, and how network theory reveals the value of relationships, and argues that the economy needs to be viewed as a complex, chaotic system, as scientists view nature, not as an equilibrium seeking NEWTONIAN construct.