Market-value: Its measurement and metric

"Market-valuecaptures head-on the mathematical and analytic weaknesses of neoclassical economics . . . . it offers . . . ontological strengths that until now have largely eluded so many of the dissenters from economics' mainstream."
̶̶̶ ̶ Richard Parker, Kennedy School of Government, Harvard University

"Edward Fullbrook . . . shows that so-called "equilibrium" is impossible beyond the realm of individual and isolated markets . . . Some of his insights will no doubt become the key building blocks of the new economics the world needs so desperately today." ̶
̶̶̶ ̶ Richard Koo, Nomura Research Institute, Japan

"a deep re-think, this ground-breaking study teaches new lessons about the very foundations of economics."
̶ ̶̶̶ ̶ Lars Syll, Malmö University, Sweden

". . . a must read for all those who recognise the need to undermine the damaging hegemony of mainstream neoclassical economics."
̶ ̶̶̶ ̶ C. P. Chandrasekhar, Jawaharlal Nehru University, India

"A simple idea but a great book. .. . . Its analysis . . . leads us to profound truths."
̶ ̶̶̶ ̶ André Orléan, Écoledes hautes études en sciences sociales, Paris

". . . provides foundations on which to tackle the devastating social and economic problems of the present age."
̶ ̶̶̶ ̶ Geoff Harcourt, Emeritus, Cambridge University and Uni. of New South Wales

"Fullbrook shows . . . ; that general equilibrium - the holly grail of conventional economics - is logically impossible; and that inflation is not neutral but redistributional."
̶ ̶̶̶ ̶ Jonathan Nitzan, York University, Canada

THE PLOT - This book's plot structure is simple but foreign to economics and, therefore, easily missed. So here is the plot's outline.
1. Market-value, a general quantitative order, is what distinguishes economics from other social sciences.
2. A quantitative order has a metrical structure, called its metric.
3. Metrics vary between quantitative orders, e.g. length, temperature and angle.
4. Metrics are discovered by inventing and executing measurement operations on the quantitative orders.
5. The measurement of market-value differs from that of other quantitative orders in that both the invention and execution of its measurement operation, i.e. market exchange, predate and exist independently of scientific inquiry.
6. This independence enabled economics to unconsciously assume market-value's metric rather than empirically identify it.
7. This book breaks with that tradition by applying abstract algebra to market-value measurements so as to identify, rather than assume, market-value's metric.
8. This metric turns out to be radically different from the one unconsciously assumed in constructing economic theory.
9. With the real metric in view, large long-standing paradoxes in economics are immediately resolved.
10. Knowledge of market-value's metric also immediately reveals a universal macro-to-micro causal link that effects market-value measurements in all markets.
11. Analysis of the revealed metric shows how the macro-to-micro and micro-to-macro links are interconnected.
12. The macro-to-micro causal link can be manipulated through individual markets.
13. This link's openness to manipulation means that economics needs to include political economy.
14. Discovery of market-value's metric provides an empirically-based theoretical core that can embrace most heterodox economics and large parts of the neoclassical mainstream.
15. Public knowledge of market-value's metric is contrary to the interests of The One Percent.