Properties of an economy without human beings
AbstractStandard economics starts with behavioral axioms and arrives at conclusions about the equilibrium properties of the economy as a whole at point t. The present paper employs objective structural axioms and random changes in order to determine the conditions for market clearing and budget balancing in the pure consumption economy until the limit t→∞. From the conditions of stochastic supersymmetry six simple behavioral rules are derived that guarantee the desired outcome. These rules contrast with actual behavior and this explains why the plans and expectations of economic man are many times frustrated.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 31497.
Date of creation: 13 Jun 2011
Date of revision:
New framework of concepts; Structure-centric; Axiom set; Random consumption economy; Evolutionary properties; Benchmark process; Stochastic supersymmetry; Structural laissez-faire;
Find related papers by JEL classification:
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
- E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- E20 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-06-25 (All new papers)
- NEP-EVO-2011-06-25 (Evolutionary Economics)
- NEP-HPE-2011-06-25 (History & Philosophy of Economics)
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