Availability Mechanics: Logical Economics

Abstract

Efforts to cure our recurring economic problems have resulted in trade‐offs among inflation, interest rates, and unemployment, and have not promoted economic growth. The failure of these efforts is due to failure to correctly identify the basic problems. As a result, the symptoms rather than the causes of our economic and social problems are treated. A logical framework for identifying and solving these problems is presented and some examples are provided illustrating its application. Engineers, because of unique abilities and interests in solving problems, have social responsibilities for raising economic issues and proposing solutions.