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Walras' Law in the Context of Pre-Analytic Visions

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  • Arne Heise

    (Hamburg University, Germany)

Abstract

Walras' law is a central tenet of economic theory. For mainstream economics, it is a 'plausibility check' for model-building; for heterodox economists, the refutation of Walras' law is key to understanding Keynes' revolutionary contribution to a new economic paradigm. The purpose of this short research note is to elaborate on the possibility of a refutation of Walras' law and to inquire into its preconditions. It will be argued that this can be achieved on the basis of an alternative pre-analytic vision of a genuine monetary economy as foreshadowed by John Maynard Keynes.

Suggested Citation

  • Arne Heise, 2017. "Walras' Law in the Context of Pre-Analytic Visions," Economic Thought, World Economics Association, vol. 6(1), pages 83-96, March.
  • Handle: RePEc:wea:econth:v:6:y:2017:i:1:p:83
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    References listed on IDEAS

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    Cited by:

    1. Heise, Arne, 2018. "Postkeynesianismus: Ein heterodoxer Ansatz auf der Suche nach einer Fundierung," Discussion Papers 69, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    2. Heise, Arne, 2018. "Reconciling Facts with Fiction, or: A Theoretical Speculation of why the Minimum Wage has no Discernible Effect on Employment," MPRA Paper 92483, University Library of Munich, Germany.
    3. Heise, Arne, 2019. "Post-Keynesian Economics - Challenging the Neo-Classical Mainstream," MPRA Paper 99280, University Library of Munich, Germany.

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