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The Calculating Auctioneer, Enlightened Wage Setters, and the Fingers of the Invisible Hand

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  • Kakarot-Handtke, Egmont

Abstract

The 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 Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 44977.

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Date of creation: 12 Mar 2013
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Handle: RePEc:pra:mprapa:44977

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Keywords: new framework of concepts; structure-centric; axiom set; analytical rigor; market clearing; budget balancing; competitive structure; deflationary bias;

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References

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  1. Kakarot-Handtke, Egmont, 2011. "Schumpeter and the essence of profit," MPRA Paper 31176, University Library of Munich, Germany.
  2. 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.
  3. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (II)," MPRA Paper 32542, University Library of Munich, Germany.
  4. Kakarot-Handtke, Egmont, 2011. "Primary and secondary markets," MPRA Paper 32996, University Library of Munich, Germany.
  5. Kakarot-Handtke, Egmont, 2012. "Why Post Keynesianism is not yet a science," MPRA Paper 43171, University Library of Munich, Germany.
  6. 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.
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Cited by:
  1. Kakarot-Handtke, Egmont, 2003. "How to Get Rid of Demand–Supply–Equilibrium for Good," MPRA Paper 46917, University Library of Munich, Germany.

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