Two Views on Economic Circulation

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Other Title
  • 環境問題分析とパラダイムチェインジ : 経済循環の二つの見方
  • 環境問題分析とパラダイムチェンジ:経済循環の二つの見方
  • カンキョウ モンダイ ブンセキ ト パラダイムチェンジ ケイザイ ジュンカン ノ 2ツ ノ ミカタ

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Market price is, as Amartya Sen points out, institutional while the prices through which consumer expresses his preference are conceptual. Thus, price may be inadequate as a weight to aggregate goods to measure income when income is used as a yardstick of welfare. Traditionally, economics regards itself as a social science dealing with goods and services. However, economics does not analyze goods and services but only services. Only services are exchanged in the market and physical goods are mere vehicles of services. Material balance approach vis-a-vis traditional market value balance approach will more sharply shed light on the waste problems.

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