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Matter matters: productivity, resources, and prices

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  • Kakarot-Handtke, Egmont

Abstract

Tastes and technology are the ultimate givens of standard economics. Their interaction is mediated by the marginal principle. This approach is unsuitable to explain the nature and magnitude of overall profits and their distribution within the business sector. The present paper therefore takes a quite different analytical route. The standard behavioral axioms are replaced by objective structural axioms and the standard production function is replaced by a sequential production function. From this new formal basis two exemplary factor prices, the product price, and the real wage are derived under the conditions of market clearing and equal profit ratios.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 34225.

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Date of creation: 20 Oct 2011
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Handle: RePEc:pra:mprapa:34225

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Keywords: New framework of concepts; Structure-centric; Axiom set; Factors of production; Substitution; Profit redistribution; Bargaining margin; Equal profit ratios; Metachoice;

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  1. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (II)," MPRA Paper 32542, University Library of Munich, Germany.
  2. Gavin Kennedy, 2009. "Adam Smith and the Invisible Hand: From Metaphor to Myth," Econ Journal Watch, Econ Journal Watch, vol. 6(2), pages 239-263, May.
  3. Ulrich Witt, 2006. "Evolutionary Economics," Papers on Economics and Evolution 2006-05, Philipps University Marburg, Department of Geography.
  4. Kakarot-Handtke, Egmont, 2011. "Squaring the investment cycle," MPRA Paper 32895, University Library of Munich, Germany.
  5. Kakarot-Handtke, Egmont, 2011. "The wondrous effortlessness of unifying circuit-, money-, price- and distribution theory," MPRA Paper 31279, University Library of Munich, Germany.
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