Next Generation Economics
Ayn Rand, Founder of "Objectivism Philosophy" from Objectivist Ethics influenced Dr. Alan Greenspan's thinking on enlightened self-interest. To understand how a person thinks, understand both the individual and cultural dynamics that shaped the person's way of thinking. The focus of value systems is how and why these belief systems emerge in individuals and cultures. Price is based upon people's perception of value, while capitalism is the separation of state and economics, the same as the separation of church and state.
Memenomics view economic evolution from a perspective that integrates individual and cultural levels of development; the value systems approach that uncovers the forces that motivate behaviors and shape individual idealogies, also influence cultures.
Demographics determine how many people are there and what influences them whereas few analysts have it in their models. People matter more than anything else and people create the wealth. Almost everything in the environment needs to be transformed by us to become a resource. The moment we transform it, it is no longer nature, but artifact.
Nations need growing populations to have rapid growth. Japan's stagnation over the past decade or so is a byword in international economics, but the growth in GDP per capita in Japan is/was close to the growth of GDP per capita in the U.S. It is hard to get decent growth without growing both the number of units of outputs per capita and growing the number of capitas too.
Societies are the result of human interaction, what has come to be called "Institutions Theory" in economics or in short, Institutionalism; it is not independent of sociology in religion. It is a factor in its own right. To screen out the "noise," distinguish between what is important and what is a "shiny" distraction, (Opinion, "Prosperity: The Three Questions That Really Matter," Jerry Bowyer, Contributor, Forbes, May 16, 2013).