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Trade, productivity, income, and profit: the comparative advantage of structural axiomatic analysis

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  • Kakarot-Handtke, Egmont

Abstract

The classical case of comparative advantage is put into a new formal framework, that is, the behavioral axioms of standard economics are replaced by a set of structural axioms. This enables a comprehensive analysis that takes the effects on income and profit explicitly into account. The axioms in combination with the conditions of market clearing, budget balancing and initial zero profit determine all measurable variables objectively. It is the purpose of the present paper to formally restate the notion of comparative advantage and to ascertain whether this leads to a well-grounded new perspective on this time-honored doctrine.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 43872.

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Date of creation: 12 Dec 2011
Date of revision: 18 Jan 2012
Handle: RePEc:pra:mprapa:43872

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Keywords: new framework of concepts; structure-centric; axiom set; consistency; comparative advantage; terms of trade; exchange rate; division of labor; factor immobility;

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References

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  1. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (I)," MPRA Paper 32421, University Library of Munich, Germany.
  2. 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, vol. 43(1), pages 95-108, March.
  3. Egmont Kakarot-Handtke, 2013. "The Emergence of Profit and Interest in the Monetary Circuit," World Economic Review, World Economics Association, vol. 2013(2), pages 106, February.
  4. Tomasson, Gunnar & Bezemer, Dirk J, 2010. "What is the Source of Profit and Interest? A Classical Conundrum Reconsidered," MPRA Paper 20320, University Library of Munich, Germany.
  5. Jonathan Eaton & Samuel Kortum, 2012. "Putting Ricardo to Work," Journal of Economic Perspectives, American Economic Association, vol. 26(2), pages 65-90, Spring.
  6. T.A. Boylan & P.F. O'Gorman, 2007. "Axiomatization And Formalism In Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 21(3), pages 426-446, 07.
  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 pure logic of value, profit, interest," MPRA Paper 30853, University Library of Munich, Germany.
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Cited by:
  1. Kakarot-Handtke, Egmont, 2012. "The emergence of profit and interest in the monetary circuit," MPRA Paper 43241, University Library of Munich, Germany.

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