The pure logic of value, profit, interest
AbstractStandard economic models are based on axioms that epitomize the fundamental behavioral assumptions. This approach is not conductive to convincing results. The suggested change of perspective is guided by the question: what is the minimum set of propositions for the consistent reconstruction of the evolving money economy? We start with three structural axioms and determine their real world implications. The claim of generality entails that it should be possible to demonstrate that well-understood parts of theoretical economics fit consistently into the structural axiomatic framework. We focus here on the classical theory of value as expounded by J. S. Mill.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 30853.
Date of creation: 11 May 2011
Date of revision:
New framework of concepts; Structure-centric; Axiom set; Labour theory of value; Structural value theorem; Profit; Distributed profit; Rate of interest; Reproducibility;
Find related papers by JEL classification:
- E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
- B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
- D00 - Microeconomics - - General - - - General
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-05-24 (All new papers)
- NEP-HPE-2011-05-24 (History & Philosophy of Economics)
- NEP-MAC-2011-05-24 (Macroeconomics)
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