Monday, May 02, 2005

Economics Is Incomplete

Since value is the basis of all economic production just as truth is the basis of all mathematical research one would expect in a complete theory of the economy to be able to assign a value to all objects and processes.This of course boils down to constructing a value machine either real or theoretical which can determine the value of everything including itself.However value has an analagous place in economics to that of truth in mathematics it is undefinable.Just as Godel's theorem says that the sentence itself is true and underivable because it is tailor made to be just that likewise we can construct an actual product which cannot derive it's own value.This product is the value proving machine itself since it is constructed to be non halting since there is no way to tell if fed a program whether it will halt.Finding a universal value machine which is the basis of socialism is equivalent to constructing a computer which can tell whether it will halt which is impossible.As such economics must remain forever incomplete.An advanced civilization will realize this so there will be no interstellar Marxists.The "economy" is an abstraction and does not exist as a one.