AbstractSteve Keen has debunked a good part of standard economics. However, he has left standing the theory of profit. This is unfortunate, because the theory of profit is the pivot of all of theoretical economics. This tightly focused paper clarifies the factual relation of profit and income, which should be helpful to put Keen’s alternative to the standard approach on sound foundations.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 51659.
Date of creation: 22 Nov 2013
Date of revision:
new framework of concepts; structure-centric; consumption economy; Profit Law; market clearing; budget balancing; error detection; four quadrant scheme;
Find related papers by JEL classification:
- B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-11-29 (All new papers)
- NEP-HME-2013-11-29 (Heterodox Microeconomics)
- NEP-HPE-2013-11-29 (History & Philosophy of Economics)
- NEP-PKE-2013-11-29 (Post Keynesian Economics)
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.:
- Steve Keen, 2011. "Debunking Macroeconomics," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 41(3), pages 147-168, December.
- Keen, Steve, 2010.
"Solving the paradox of monetary profits,"
Economics - The Open-Access, Open-Assessment E-Journal,
Kiel Institute for the World Economy, vol. 4(31), pages 1-32.
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