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Towards Full Employment Through Applied Algebra and Counter-Intuitive Behavior

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  • Kakarot-Handtke, Egmont

Abstract

It is common knowledge that neither Walrasians nor Keynesians nor Marxians nor Institutionialists nor Austrians nor Sraffaians came to grips with profit. The reason is a defective formal basis. In the present paper the formal foundations are first renewed. When the profit theory is false the rest of an approach is questionable. What is reexamined next because of its vital practical implications is the theory of employment. One remarkable result is that the popular recipe to eliminate unemployment, viz. downward wage rate flexibility, is self-defeating because it does not take the objective systemic properties of the monetary economy into account.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2014. "Towards Full Employment Through Applied Algebra and Counter-Intuitive Behavior," MPRA Paper 56749, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:56749
    as

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    References listed on IDEAS

    as
    1. 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.
    2. Mark Obrinsky, 1981. "The Profit Prophets," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 3(4), pages 491-502, July.
    3. Kakarot-Handtke, Egmont, 2011. "Primary and secondary markets," MPRA Paper 32996, University Library of Munich, Germany.
    4. Peter L. Bernstein, 1953. "Profit Theory — Where Do We Go from Here?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 67(3), pages 407-422.
    5. Arief Anshory Yusuf & Djoni Hartono & Wawan Hermawan & Yayan, 2008. "AGEFIS:Applied General Equilibrium for FIScal Policy Analysis," Working Papers in Economics and Development Studies (WoPEDS) 200807, Department of Economics, Padjadjaran University, revised Oct 2008.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    new framework of concepts; structure-centric; axiom set; Path Core; algebraic market clearing; indifference of employment;
    All these keywords.

    JEL classification:

    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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