Price Theory: Economics is Mistaken

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Teoría de Precios: Porqué está mal la Economía (Price Theory: Economics is Mistaken) is an economic essay written in text book format by Wikipedia:Mexican author (WP) Jorge S. del Villar G.

According to Wikipedia:The Baltimore Sun, Del Villar was an active student, committed to his community at College. From 2000 to 2002, he served as advisor of Mexican Foreign Minister, Wikipedia:Jorge Castañeda Gutman. From his column at Wikipedia:El Universal (Mexico City) newspaper, which he wrote from 2004 to 2007, del Villar promoted legislative changes to advance the rights of Mexico City’s citizens, which have been materialized through time. He also managed a 500 cattle limited liability rural production company. The author is son of Samuel I. del Villar, Harvard Law School graduate and founder of mexican left wing party PRD and great-grandson of Manuel Gamio, considered father of Anthropology in Mexico and one of the most relevant archeologists in Mesoamerica. At the present time, del Villar conducts a radio talk show, “Caras de la Ciudad” which counts with first level guests, including cabinet rank government officials, representatives and specialists. At “Caras de la Ciudad”, del Villar has unveiled important matters of national relevance, like the fact that Mexico City’s left wing Mayor and presidential ex-candidate, Wikipedia:Andrés Manuel López Obrador, opposed legislation to promote gay rights, according to left wing congresswoman and activist, Wikipedia:Enoé Uranga. “Caras de la Ciudad” is transmitted by Wikipedia:MVS Radio, international broadcaster and home of CNN conductor Wikipedia:Carmen Aristegui.

Theme

This book questions the fundamentals of Wikipedia:economic theory. According to the writer, while all the components of the market, including economic goods, producers and consumers, have changed; the basic theoretical principles have remained the same since Wikipedia:1776, year in which Adam Smith published “An Inquiry into the Nature and Causes of the Wealth of Nations”. Del Villar believes that economic theory, including the Law of Demand, the Law of Supply and the explanations given to price determination, lacks of scientific rigor. The author considers that the discipline does not provide veridical explanations to the way consumers and producers behave in the real world.

Del Villar proposes an integral revision of the fundamental principles upon which economic theory is built and suggests that other disciplines, like Anthropology, should be included in such process.

Reception

Mexican press and electronic media have taken interest in Teoría de Precios: Porqué está mal la Economía. Media has related the book with common economic problems that are observed in the Mexican economy. The author has been interviewed on Latin America's largest chain, Wikipedia:Televisa's program “Primero Noticias” and on Wikipedia:Radio Formula, Mexico´s larges broadcast house. The book, which could be printed in a second edition and has received reviews in journals and periodicals, such as CEIDAS journal, México Social, Wikipedia:Excélsior newspaper, MVS Comunicaciones and Tiempo Libre magazine, could be setting ground for new paths in economic theory.