An update: Applied Economic Theory into Practice

Sequel to the Nature of Economic Science in contemporary scene:

The traditional norm or standard, once accepted as a conventional wisdom to be passed down from one generation to another, is no longer a stable body of principles that all researchers agree as models. Such classical and Keynesian economic models have been challenged by new ones drawn from popular culture of economics. Serious attention is now paid to the real world for relevance that once were not deemed worthy of study in the issues in economics. Our task, now that the established models are no longer accepted as realistic happenings. Competing economic systems create differing new model such as the special characteristics of China's economy with the concept of " One nation,two systems" that I lectured in Hong Kong in 1989-1990 as a Fulbright Senior Scholar. We have the right to question basic assumptions in the field of economics. The vitality of the new approaches comes from the fact that they closely connect people with our lives. Socio-Economics make us examine values and practices that are so much a part of our lives that they exist, most of the time, beyond our questioning and evaluation. "Work and Study Cycle Theory" is to be validated and implemented in the United States and in China with the common ground to enhance productivity. Cf.www.ask.com for reference.

Francis Shieh a.k.a. Xie Shihao,a student of economics since 1943. April 25, 2008