Economics is the operational logic of cooperative arbitrage under constraint. It

Economics is the operational logic of cooperative arbitrage under constraint. It consists in:
– 1. Accounting for all costs.
– 2. Acknowledging the subjectivity of value.
– 3. Understanding markets as evolutionary systems tending toward exhaustion of profit (equilibrium).
– 4. Recognizing time preference as a causal factor in capital formation.
– 5. Treating prices as distributed cognition and incentives as behavioral constraints.
– 6. Insisting on reciprocity as the ethical boundary of cooperation.
– 7. Using money as a commensurable measurement of preference across domains.