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Redemption and Depression

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  • Kakarot-Handtke, Egmont

Abstract

According to prevailing methodological criteria, standard economics is definitively refuted. Joan Robinson’s wake-up call “Scrap the lot and start again” has therefore lost nothing of its original freshness and urgency. Yet, how can the restart succeed? This inquiry builds on structural axioms. First, conceptual consistency is assured and the confusion about profit and income is dissolved. The question of interest is then how a recession or depression develops as the result of the normal functioning of the monetary economy. This involves the identification of positive feedback. A very effective mechanism consists of the circular interaction of profit and distributed profit.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 50924.

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Date of creation: 24 Oct 2013
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Handle: RePEc:pra:mprapa:50924

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Keywords: new framework of concepts; structure-centric; axiom set; randomness; market clearing; budget balancing; consumption economy; investment economy; credit expansion;

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  1. Keen, Steve, 2010. "Solving the paradox of monetary profits," Economics Discussion Papers 2010-2, Kiel Institute for the World Economy.
  2. Philip MIROWSKI, 1989. "The Rise and Fall of the Concept of Equilibrium in Economic Analysis," Discussion Papers (REL - Recherches Economiques de Louvain) 1989046, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  3. Keuzenkamp, H.A. & McAleer, M., 1994. "Simplicity, scientific inference and econometric modelling," Discussion Paper 1994-56, Tilburg University, Center for Economic Research.
  4. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (I)," MPRA Paper 32421, University Library of Munich, Germany.
  5. 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.
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