Talk:Lausanne school

From New World Encyclopedia
Unification Aspects:

The Lausanne School refers to the Neoclassical school of economic thought following the ideas of Léon Walras and Vilfredo Pareto. The central feature of the Lausanne School was its development of general equilibrium theory and its application of mathematical formulations to economics.

Although economic phenomena are necessarily complex, in fact beyond the ability of the mathematics available to Walras when he began the enterprise, the effort to analyze and thus predict changes in the economic realm accurately is one that has a noble purpose. For if the forces that drive the economy can be better understood, then a society and its members can prosper. However, it may well be that even the most advanced mathematical models are inadequate to predict economic change, and thus to permit effective regulation of the economy. Wealth is not purely economic, and happiness cannot be derived from financial prosperity alone.

Unification Thought explains that human beings are much more than external, physical beings, but have an internal, mental, and eternal spiritual nature. Thus, human motivation cannot be assessed in terms of material factors, nor even psychological and sociological factors, but must take into account spirituality. Such factors lie beyond the realm of mathematical analysis. Nevertheless, the development of mathematical economics, which owes its foundation to the Lausanne school, has advanced human knowledge regarding economic phenomena, even though this understanding is necessarily incomplete.

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