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Major Defects of the Market Economy

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  • Kakarot-Handtke, Egmont

Abstract

When we characterize an argument that has no sound theoretical foundation as political, then what has been produced by economists so far is political economics. However, since the Classics and Marx all major economic schools have defended the claim that they were doing science. This claim has been convincingly rebutted. So, the task is still before us. The way forward is to move from behavioral to structural economics. In what we should be mostly interested are not so much the behavioral defects of economic agents but the structural defects of the market system and how to repair them.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2015. "Major Defects of the Market Economy," MPRA Paper 65666, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:65666
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    References listed on IDEAS

    as
    1. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (I)," MPRA Paper 32421, University Library of Munich, Germany.
    2. Kakarot-Handtke, Egmont, 2013. "Confused confusers. How to stop thinking like an economist and start thinking like a scientist," MPRA Paper 44046, University Library of Munich, Germany.
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    Cited by:

    1. Kakarot-Handtke, Egmont, 2016. "How the Intelligent Non-Economist can Refute Every Economist Hands Down," MPRA Paper 69581, University Library of Munich, Germany.

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    More about this item

    Keywords

    new framework of concepts; structure-centric; price mechanism; profit mechanism; structural stress; inefficiency mechanism; monetary order; indexation; growth imperative; theory inflicted unemployment; distribution mechanism;
    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
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

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