The pure logic of value, profit, interest
Standard economic models are based on axioms that epitomize the fundamental behavioral assumptions. This approach is not conductive to convincing results. The suggested change of perspective is guided by the question: what is the minimum set of propositions for the consistent reconstruction of the evolving money economy? We start with three structural axioms and determine their real world implications. The claim of generality entails that it should be possible to demonstrate that well-understood parts of theoretical economics fit consistently into the structural axiomatic framework. We focus here on the classical theory of value as expounded by J. S. Mill.
|Date of creation:||11 May 2011|
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- Frank Ackerman, 2001. "Still dead after all these years: interpreting the failure of general equilibrium theory," Journal of Economic Methodology, Taylor & Francis Journals, vol. 9(2), pages 119-139.
- Buiter, Willem H, 1980. "Walras' Law and All That: Budget Constraints and Balance Sheet Constraints in Period Models and Continuous Time Models," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(1), pages 1-16, February.
- Kirman, Alan, 1989. "The Intrinsic Limits of Modern Economic Theory: The Emperor Has No Clothes," Economic Journal, Royal Economic Society, vol. 99(395), pages 126-139, Supplemen.
- Hollander, Samuel, 1977. "Adam Smith and the Self-Interest Axiom," Journal of Law and Economics, University of Chicago Press, vol. 20(1), pages 133-152, April.
- T.A. Boylan & P.F. O'Gorman, 2007. "Axiomatization And Formalism In Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 21(3), pages 426-446, 07.
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