How non-economist Economics succeeds

From Ideas to GDP

Non-economist Economics succeeds by enumerating what everyone knows; ideas - when developed - improve our lives and make us richer. i  → R&D  → GDP Despite decades of effort - and the award of Economics Prizes for progress - economist Economics leaves gaps and questions in and around each arrow of the above sequence. To fill these gaps and answer these questions reigning paradigms within economic discourse need new imagination. Among these are the Cournot determination of price, the Hedonic method of characterizing quality change and the Cobb-Douglas Production Function. Decades of trial and effort on these must include those of Solow, Romer and Aghion & Howitt. Six Principia provide new imagination and the ultimate solution. They change the emphasis in economic growth accounting from Capital and Labor to an economic mechanism of ideas operating in markets from i to GDP. They remain under the radar of academic economists despite their provenance from 1986 and the significant landmarks in 1993, 1997, 2008 and 2018 tabulated above. As a result National Accounting still adds R&D to GDP when iDe is known to originate it. Insight on origination is essential for framing good policy and the economy of any country will be advantaged when its National Accounting accurately tabulates this and makes it public. +======+