😶‍🌫️There is no warm heart in the economy

There is no warm heart in the economy. Therefore, it is foolish to ask an economy for moral philosophy or justice. However, when implementing economic policy, moral philosophy or justice must be considered. This is because those who establish and implement economic policies have a warm heart.

Similarly, businesses do not have a warm heart. Therefore, it is foolish to ask for justice or moral philosophy from businesses. However, corporate managers can ask for justice and moral philosophy. This is because corporate managers have a warm heart.

There is another reason why I disparage economists or business executives who demand justice and moral philosophy from businesses.

Adam Smith, the founder of modern economics, was originally a moral philosopher. Therefore, he approached the economy from a moral philosophy perspective. Of course, he tried to approach the economy from a scientific point of view, but he could not escape the limits of a moral philosopher.

The separation of market prices and natural prices was the most obvious demonstration of that limitation. However, natural prices do not exist in the three-dimensional world over time. Natural prices exist in absolute dimensions over time as a concept of a moral philosophy perspective. Equilibrium prices are the same.

As Einstein clearly stated, things that exist in these different dimensions can never encounter each other. Therefore, absolute prices, whether natural or equilibrium prices, cannot adequately explain the price phenomenon occurring in the market. The same goes for the labor value that controls the absolute price, and so does the equilibrium price, which is based on the theory of general equilibrium.

Nevertheless, economics still hangs on to labor values and equilibrium prices.

More importantly, Adam Smith caused ideological differentiation between capitalism and socialism by separating natural prices from market prices. And it is our people who suffered the most from ideological differentiation and are still suffering from it. Ideology also frustrated my childhood dream.