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Say’s Law: A Rigorous Restatement

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  • Kakarot-Handtke, Egmont

Abstract

Say’s Law has passed through various conceptual frameworks. As the next logical step, this paper provides a rigorous restatement in structural axiomatic terms. The main reason is that previous attempts have been methodologically unsatisfactory. Standard economics rests on behavioral assumptions that are expressed as axioms. Axioms are indispensable to build up a theory that epitomizes formal and material consistency. The crucial flaw of the standard approach is that human behavior does not lend itself to axiomatization. Small wonder that the accustomed attempt to explain how the economy works met with scant success. This battered also the discussion about Say’s Law.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 52550.

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Date of creation: 28 Dec 2013
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Handle: RePEc:pra:mprapa:52550

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Keywords: new framework of concepts; structure-centric; axiom set; consumption economy; Profit Law; simulation; market clearing; budget balancing;

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  1. Baumol, William J, 1977. "Say's (at Least) Eight Laws, or What Say and James Mill May Really Have Meant," Economica, London School of Economics and Political Science, vol. 44(174), pages 145-61, May.
  2. Mark Blaug, 1997. "Say's Law of Markets: What Did It Mean and Why Should We Care?," Eastern Economic Journal, Eastern Economic Association, vol. 23(2), pages 231-235, Spring.
  3. William J. Baumol, 1999. "Retrospectives: Say's Law," Journal of Economic Perspectives, American Economic Association, vol. 13(1), pages 195-204, Winter.
  4. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (II)," MPRA Paper 32542, University Library of Munich, Germany.
  5. Steven Kates, 1997. "On the True Meaning of Say's Law," Eastern Economic Journal, Eastern Economic Association, vol. 23(2), pages 191-202, Spring.
  6. Keuzenkamp, H.A. & McAleer, M., 1994. "Simplicity, scientific inference and econometric modelling," Discussion Paper 1994-56, Tilburg University, Center for Economic Research.
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