es within the polities of Western democracies. Together the political, economic and cultural developments in the Western World since c. 1963 constitute what Robert Struble has called "the postmodernist revolution."
Discussion of such issues as the politics of the World Bank, the World Trade Organization and global players within the World Economic Forum, as well as global ecology and sustainability, have all influenced the definition of economy.
Joseph E. Stiglitz has defined economy to be a global public good. Economists like Peter Barnes and Alexander Dill are reclaiming the commons and providing definitions that embrace new phenomena like freeware. Game theorists such as Ernst Fehr and Klaus M. Schmidt are contradicting the notion of omnipresent economic self-interest. Under the gift economy extensive grassroot movements have arisen; also the credit programs of Nobel laureate Muhammed Yunus. In 2006 the World Bank started issuing its Wealth of Nations Report, tracking social and human capital.
Economic measuresThere are number of ways to measure economic activity of a nation. These methods of measuring economic activity include:
GDPThe GDP - Gross domestic product of a country is a measure of the size of its Economy. While often useful, it should be noted that GDP only includes economic activity for which money is exchanged.
- Aristotle, Politics, Book I-IIX, translated by Benjamin Jowett http://classics.mit.edu/Aristotle/politics.html
- Barnes, Peter, Capitalism 3.0, A Guide to Reclaiming the Commons, San Francisco 2006 http://whatiseconomy.com/joomla/index.php?option=com_content&task=view&id=29
- Dill, Alexander, Reclaiming the Hidden Assets, Towards a Global Freeware Index, Global Freeware Research Paper 01-07, 2007 http://whatiseconomy.com/joomla/index.php?option=com_content&task=blogcategory&id=15&Itemid=31
- Fehr Ernst, Schmidt, Klaus M., The Economics Of Fairness, Reciprocity and Altruism - experimental Evidence and new Theories, 2005, Discussion PAPER 2005-20, Munich Economics http://whatiseconomy.com/joomla/index.php?option=com_content&task=view&id=29
- Marx, Karl, Engels, Friedrich, 1848, The Communist Manifesto http://www.marxists.org/archive/marx/works/1848/communist-manifesto/index.htm·
- Stiglitz, Joseph E., Global public goods and global finance: does global governance ensure that the global public interest is served? In: Advancing Public Goods, Jean-Philippe Touffut, (ed.), Paris 2006, pp. 149/164. http://www2.gsb.columbia.edu/faculty/jstiglitz/download/2006_Global_Public_Goods.pdf
- Where is the Wealth of Nations? Measuring Capital for the 21st Century. Wealth of Nations Report 2006, Ian Johnson and Francois Bourguignon, World Bank, Washington 2006. http://whatiseconomy.com/joomla/index.php?option=com_content&task=view&id=29
- Friedman, Milton, Capitalism and Freedom, 1962.
- Galbraith, John Kenneth, The Affluent Society, 1958.
- Keynes, John Maynard, The General Theory of Employment, Interest and Money, 1936.
- Smith, Adam, An Inquiry into the Nature and Causes of the Wealth of Nations, 1776.
- Nobelpricewinner Prof. William Vickrey: 15 fatal fallacies of financial fundamentalism-A Disquisition on Demand Side Economics
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