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Make a bubble, take a free lunch, break a bank

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  • Kakarot-Handtke, Egmont

Abstract

Standard economics is known to be incapable of integrating the real and the monetary sphere. The ultimate reason is that the whole theoretical edifice is built upon a set of behavioral axioms. Therefore, the formal starting point is moved to structural axioms. This makes it possible to formally track the complete process of value creation and destruction in the asset market and its consequences for the household and business sector. From the set of structural axioms emerge the well-known phenomena of a bubble from free lunches through appreciation to defaults due to a lack of potential next buyers.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 42996.

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Date of creation: 01 Dec 2012
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Handle: RePEc:pra:mprapa:42996

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Keywords: new framework of concepts; structure-centric; axiom set; profit; rate of interest; liquidity preference; rentier; primary market; secondary market; parrot economics; theory of value; valuation price; appreciation; depreciation; net worth; debt/income ratio;

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References

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  1. Bezemer, Dirk, 2009. "No one saw this coming. Understanding financial crisis through accounting models," Research Report 09002, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
  2. Kakarot-Handtke, Egmont, 2011. "Primary and secondary markets," MPRA Paper 32996, University Library of Munich, Germany.
  3. Michael Hudson, 2012. "Veblen's Institutionalist Elaboration of Rent Theory," Economics Working Paper Archive wp_729, Levy Economics Institute, The.
  4. Tovar, Camilo Ernesto, 2008. "DSGE Models and Central Banks," Economics Discussion Papers 2008-30, Kiel Institute for the World Economy.
  5. Kakarot-Handtke, Egmont, 2011. "The pure logic of value, profit, interest," MPRA Paper 30853, University Library of Munich, Germany.
  6. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (I)," MPRA Paper 32421, University Library of Munich, Germany.
  7. Frank Ackerman, 2001. "Still dead after all these years: interpreting the failure of general equilibrium theory," Journal of Economic Methodology, Taylor & Francis Journals, vol. 9(2), pages 119-139.
  8. 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.
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Cited by:
  1. 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.

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