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Primary and secondary markets

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  • Kakarot-Handtke, Egmont

Abstract

The present paper swaps the standard behavioral axioms for structural axioms and applies the latter to the analysis of the emergence of secondary markets from the flow part of the economy. Real and nominal residuals at first give rise to the accumulation of the stock of money and the stock of commodities. This stocks constitute the demand and supply side of secondary markets. The pricing in these markets is different from the pricing in the primary markets. Winnings are different from income or profits. The emergence of secondary markets implies that the plans of households and firms are mutually incompatible.

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File URL: http://mpra.ub.uni-muenchen.de/43337/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 32996.

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Date of creation: 26 Aug 2011
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Handle: RePEc:pra:mprapa:32996

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Keywords: New framework of concepts; Structure-centric; Axiom set; Residuals; Real and nominal stocks; Money; Credit; Financial saving; Nonfinancial saving; Net worth; Financial profit; Nonfinancial profit; Retained Profit; Wealth; Commodity market; Financial market; Central Bank; Commercial banks;

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References

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  1. Frank Ackerman, 2001. "Still dead after all these years: interpreting the failure of general equilibrium theory," Journal of Economic Methodology, Taylor & Francis Journals, Taylor & Francis Journals, vol. 9(2), pages 119-139.
  2. Kakarot-Handtke, Egmont, 2011. "Properties of an economy without human beings," MPRA Paper 31497, University Library of Munich, Germany.
  3. Kakarot-Handtke, Egmont, 2011. "Keynes’s missing axioms," MPRA Paper 31179, University Library of Munich, Germany.
  4. Kakarot-Handtke, Egmont, 2011. "Squaring the investment cycle," MPRA Paper 32895, University Library of Munich, Germany.
  5. Keuzenkamp, H.A. & McAleer, M., 1994. "Simplicity, scientific inference and econometric modelling," Discussion Paper, Tilburg University, Center for Economic Research 1994-56, Tilburg University, Center for Economic Research.
  6. Tobin, James, 1980. "Are New Classical Models Plausible Enough to Guide Policy?," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 12(4), pages 788-99, November.
  7. K. Vela Velupillai, 2004. "The unreasonable ineffectiveness of mathematics in economics," Department of Economics Working Papers, Department of Economics, University of Trento, Italia 0406, Department of Economics, University of Trento, Italia.
  8. Stephen F. Le Roy, 2004. "Rational Exuberance," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 42(3), pages 783-804, September.
  9. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (I)," MPRA Paper 32421, University Library of Munich, Germany.
  10. Kakarot-Handtke, Egmont, 2011. "The pure logic of value, profit, interest," MPRA Paper 30853, University Library of Munich, Germany.
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Citations

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Cited by:
  1. Egmont Kakarot-Handtke, 2013. "The Emergence of Profit and Interest in the Monetary Circuit," World Economic Review, World Economics Association, World Economics Association, vol. 2013(2), pages 106, February.
  2. Kakarot-Handtke, Egmont, 2013. "The Calculating Auctioneer, Enlightened Wage Setters, and the Fingers of the Invisible Hand," MPRA Paper 44977, University Library of Munich, Germany.
  3. Egmont Kakarot-Handtke, 2013. "Why Post Keynesianism is Not Yet a Science," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, Queensland University of Technology (QUT), School of Economics and Finance, vol. 43(1), pages 95-108, March.
  4. Kakarot-Handtke, Egmont, 2012. "General formal foundations of the virtuous deficit–profit symmetry and the vicious debt deflation," MPRA Paper 42912, University Library of Munich, Germany.
  5. Kakarot-Handtke, Egmont, 2012. "Geometrical exposition of structural axiomatic economics (I): Fundamentals," MPRA Paper 43269, University Library of Munich, Germany.
  6. Kakarot-Handtke, Egmont, 2011. "Squaring the investment cycle," MPRA Paper 32895, University Library of Munich, Germany.
  7. Kakarot-Handtke, Egmont, 2012. "The rhetoric of failure: a hyper-dialog about method in economics and how to get things going," MPRA Paper 43276, University Library of Munich, Germany.
  8. Kakarot-Handtke, Egmont, 2011. "The wine maker’s business and the logical origin of interest," MPRA Paper 33916, University Library of Munich, Germany.
  9. Kakarot-Handtke, Egmont, 2011. "The propensity function as formal passkey to economic action," MPRA Paper 34051, University Library of Munich, Germany.
  10. Kakarot-Handtke, Egmont, 2012. "The common error of common sense: an essential rectification of the accounting approach," MPRA Paper 43196, University Library of Munich, Germany.
  11. Kakarot-Handtke, Egmont, 2013. "Walras’s law of markets as special case of the general Triangle Theorem: a laconic proof," MPRA Paper 44547, University Library of Munich, Germany.
  12. Kakarot-Handtke, Egmont, 2013. "Confused confusers. How to stop thinking like an economist and start thinking like a scientist," MPRA Paper 44046, University Library of Munich, Germany.
  13. Kakarot-Handtke, Egmont, 2012. "Make a bubble, take a free lunch, break a bank," MPRA Paper 42996, University Library of Munich, Germany.
  14. Kakarot-Handtke, Egmont, 2012. "Taxes, profits, and employment: a structural axiomatic analysis," MPRA Paper 43581, University Library of Munich, Germany.
  15. Kakarot-Handtke, Egmont, 2011. "Qualitative and temporal aggregation," MPRA Paper 33345, University Library of Munich, Germany.
  16. Kakarot-Handtke, Egmont, 2013. "Settling the theory of saving," MPRA Paper 44479, University Library of Munich, Germany.
  17. Kakarot-Handtke, Egmont, 2011. "Increasing returns and stability," MPRA Paper 33133, University Library of Munich, Germany.
  18. Kakarot-Handtke, Egmont, 2011. "Geometrical exposition of structural axiomatic economics (II): qualitative and temporal aggregation," MPRA Paper 43725, University Library of Munich, Germany.

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