The Structural Price Mechanism
AbstractStandard economics rests on behavioral assumptions that are formally expressed as axioms. With the help of additional assumptions like perfect competition and equilibrium a price vector is established that displays a host of desired properties. This approach is tightly stuck in a cul-de-sac. Conceptual rigor demands to discard the subjective-behavioral axioms and to take objective-structural axioms as the point of departure. The present paper reconstructs the price system in structural axiomatic terms for the most elementary economic configuration. The generalization of the structural price mechanism supplants the collapsed Walrasian and Keynesian attempts to formulate a consistent price and value theory.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 50585.
Date of creation: 11 Oct 2013
Date of revision:
new framework of concepts; structure-centric; axiom set; structural value theorem; harmonic structure; zero profit condition; full employment; deflation; price vector; wage rate vector; Say’s law;
Find related papers by JEL classification:
- D40 - Microeconomics - - Market Structure and Pricing - - - General
- 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-2013-10-18 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- McCauley, Joseph L., 2006. "Response to worrying trends in econophysics," MPRA Paper 2129, University Library of Munich, Germany.
- Kakarot-Handtke, Egmont, 2011.
"Reconstructing the Quantity Theory (I),"
32421, University Library of Munich, Germany.
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