Meso-Economics
It studies the institutional aspect of economy
that are not captured by micro or macroeconomics. By pre-supposing the perfect
competition, complete information and zero transportation cost, neo-classical
economics assumes away the need for institutions like court, parties and
religions to deal with the economic problem the people, firms and countries
faces.
The economists
like Kurt Dopfer, John Foster, and Jason Potts have developed a
Micro-Meso-Macro theory of evolutionary economics in which "an economic
system is population of rules, a structural rules, and a process of rules".
The most important feature of Meso-economics framework is to study the actual
web of contracts, formal or informal, in family, corporate, market, civil and
social institutions. Doing so it provides the natural linkages between micro and
macro because the micro level rules and institution typically imply macro level
consequences.
Meta Economics
It goes still
further by studying deeper functional aspect of the economy, understand as a
complex, interact and holistic living system. It asks questions like why an
economy is more competitive and sustainable than others, how and why
institutions governance structures evolve and how China developed four global
scale supply chain in manufacturing, infrastructure, finance and government
services within such a short period of time.
In order to study
the deep hidden principles behind human behavior, meta-economics requires us to
adopt an open minded systematic and evolutionary approach and to recognize the
real economy as a complex living system within other systems.
British economics
Fritz Schumacher defined meta-economics as the humanizing economics by
accounting for the imperative of a sustainable environment, thus he included
the elements of moral philosophy, psychology, anthropology and sociology that
transcend the boundaries of profit maximization and individual rationality.
Source: Project
Syndicate
Thank You
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