Discovery in reasons economics is not an exact science plus new price model

Poramest Boonsri

doi:10.1117/12.2675088

10 April 2023 Discovery in reasons economics is not an exact science plus new price model

Poramest Boonsri

Proceedings Volume 12616, International Conference on Mathematical and Statistical Physics, Computational Science, Education, and Communication (ICMSCE 2022); 126160C (2023) https://doi.org/10.1117/12.2675088
Event: International Conference on Mathematical and Statistical Physics, Computational Science, Education, and Communication (ICMSCE 2022), 2022, Istanbul, Turkey

Abstract

After proving time values match numbers in all number lines (x_t, y_t, z_t), and time as a vector, we found the two warnings from two scientific papers about time in economic theories. Finding the causes of inaccuracy in theoretical economics was the objective of this study. Numbers, time values matching the numbers, theoretical demanded and supplied curves were used to be data. The scientific method and mathematics, such as derivatives, logic, and time equation, were used to prove the causes. The investigation found three crucial causes: (1) the nonexistence of equilibrium conditions. At the moment of exchange in price theory, supplied quantities are happening before demanded amounts. Second, the nonexistence of price adjusting to an equilibrium point was found if considering time directions in demand and supply curves. Third, an inappropriate definition of the demand curve for creating the price theory in microeconomics can be proved. After solving the causes, we found a new price model, which explains a price in the real-world market that gives economists see the different paradigms from mainstream theoretical economics and contributes to economics as a new branch of sciences in the final.

Citation Download Citation

Poramest Boonsri "Discovery in reasons economics is not an exact science plus new price model", Proc. SPIE 12616, International Conference on Mathematical and Statistical Physics, Computational Science, Education, and Communication (ICMSCE 2022), 126160C (10 April 2023); https://doi.org/10.1117/12.2675088

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KEYWORDS

Data modeling

Mathematical modeling

Mathematics

Data communications

Logic

Physics

Protactinium

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