In the long-term competition of general theories of economics, the objectivist approach is still, after all, only at the stage of its prototyping12. In particular, it has to prove its ability to explain normal price formations, from the prices that provide saving placement income and labor, to the prices at which firms sell. In other words, the objectivist approach must clarify the question of economic exchange values, despite the overly global answers that the history of ideas has bequeathed to us (value-utility versus value-labor). The same revision should also provide experimentally verifiable answers to two other fundamental questions: 1) what is the normal course of income distribution? 2) what are the main factors in the relative stabilization of legal tender currencies?
The first chapter, entitled The Economy, defines the scope of the economic science strictly as the subject economic exchanges analysis. The second chapter formulates a theory of the commodity by enumerating it five properties, .which exclude money and the three elementary means of production (knowledge, natural resource and human labor as effort) of the set of commodities,.
The third chapter examines the enterprise, starting from the observation that it is the sole entity which exists exclusively to engage in economic exchange. Contrary to the deeply ingrained belief that an enterprise's purpose is profit maximization, this notion is not merely an oversimplification—it is, in Peter Drucker's terms, "irrelevant" and "harmful." No enterprise is inherently defined by this motive. This fundamental misconception is profoundly damaging, as it obscures three critical facts:
The fourth chapter a general theory of economic accounting. This is necessary because a fundamental part of the economic vocabulary is derived from accounting categories. However, the economic accounting of states, households, and enterprises each possess distinct characteristics. A general theory must therefore provide a unified framework capable of defining and contrasting these different accountings
The fifth chapter (capital) and sixth (profit) rigorously redefine their core concepts, overturning common assumptions in the process. They introduce a crucial distinction between capital and quasi-capital to counter the harmful concentration of indirect enterprise ownership. Supporting this, the work differentiates tradable shares from redeemable shares. It concludes by establishing two new forms of public information to enable the continuous sanitization of financial markets.
The seventh chapter deals with employment in the light of what has been previously admitted. Barriers to the full exercise of feedback between the state of employment and the stock of capital via profit are counterproductive. Their lifting has effects in which the social treatment of unemployment is not even a good placebo. What is at stake in this matter is that national economies are provided with a permanent stimulus mechanism. Failure to comply with two rules of public financial management also harms employment. This is why the seventh chapter ends with the specification of these rules.
The eighth chapter, on The Distribution of Total Income, first establishes that total labor income is what remains of total income after saving placement income has been accumulated. Then, this chapter intersperses between the concepts of rate of return and profitability (decanted in the sixth chapter) a strict definition of productivity. So the interpretation of the equations shown shows that the distribution of total income lends itself to the maximization of total labor income. In many countries, including France, public opinion remains convinced that the natural tendency of the market economy is in the opposite direction and that consequently it is necessary to compensate for it through power relations and redistribution.
The ninth chapter deals with wages as the generic term for labor remuneration. Concerning these payments, no one can repeal three fundamental laws. Country by country, they are:
The ninth chapter deals with wages as a generic name for labor remuneration. Regarding these remunerations, no one can repeal three laws. Country by country: 1) the average wage is a collective outcome; 2) Wages depress the average income of those who earn less and elevate the average income of those who earn more; 3) The distribution of distribution of total labor income is regulated by collective subjectivity.
The tenth chapter sees interest as a price to be subordinated to the national average rate of profit on capital. The goal of this principle is not simplistic reversal, but to make finance inherently subservient to the objective of job creation.
The prices that the eleventh chapter studies are those at which enterprises sell. One conclusion of this study is that most of these prices each have an underlying value that is objective. The norm that governs this value is expressed by means of an expression not yet referenced in the economic vocabulary: the equalization of direct rates of return of the same belonging. This norm is in fact a law established by competition when it is purged of what makes it more verbal than real. The final conclusion is far-reaching: the systemic viability and moral viability of the market economy become significantly greater than it has been if market authorities disallow the exercise of this law.
Of the twelfth chapter, on Money, I indicate here only two things. It is intelligible only in the light of what precedes it. It is a transition with the part on economic policy.