The Calculating Auctioneer, Enlightened Wage Setters, and the Fingers of the Invisible Hand
AbstractThe formal foundations of theoretical economics must be nonbehavioral and epitomize the interdependence of real and nominal variables that constitutes the monetary economy. This is a cogent conclusion from the persistent collapse of behavioral and real models. Conceptual rigor demands, first, to take objective-structural axioms as a formal point of departure and, secondly, to clarify the interrelations of the fundamental concepts income and profit. The present paper reconstructs the characteristic properties of a Walrasian economy in structural axiomatic terms, generalizes them and explores the consequences for our understanding of the working of the economy we happen to live in.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 44977.
Date of creation: 12 Mar 2013
Date of revision:
new framework of concepts; structure-centric; axiom set; analytical rigor; market clearing; budget balancing; competitive structure; deflationary bias;
Find related papers by JEL classification:
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
- D46 - Microeconomics - - Market Structure and Pricing - - - Value Theory
- D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-03-16 (All new papers)
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