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Keynes’s missing axioms

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  • Kakarot-Handtke, Egmont

Abstract

Between Keynes’s verbalized theory and its formal basis persists a lacuna. The conceptual groundwork is too small and not general. The quest for a comprehensive formal basis is guided by the question: what is the minimum set of foundational propositions for a consistent reconstruction of the money economy? We start with three structural axioms. The claim of generality entails that it should be possible to prove that Keynes’s formalism is a subset of the structural axiom set. The axioms are applied to a central part of the General Theory in order to achieve consistency and generality.

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  • Kakarot-Handtke, Egmont, 2011. "Keynes’s missing axioms," MPRA Paper 32742, University Library of Munich, Germany, revised 11 Aug 2011.
  • Handle: RePEc:pra:mprapa:32742
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    References listed on IDEAS

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    1. F. A. Lutz, 1938. "The Outcome of the Saving-Investment Discussion," The Quarterly Journal of Economics, Oxford University Press, vol. 52(4), pages 588-614.
    2. Olivier Blanchard & Lawrence F. Katz, 1997. "What We Know and Do Not Know about the Natural Rate of Unemployment," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 51-72, Winter.
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    5. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-115, March.
    6. Kakarot-Handtke, Egmont, 2011. "The pure logic of value, profit, interest," MPRA Paper 30853, University Library of Munich, Germany.
    7. Keuzenkamp, H.A. & McAleer, M., 1994. "Simplicity, scientific inference and econometric modelling," Discussion Paper 1994-56, Tilburg University, Center for Economic Research.
    8. Keuzenkamp, Hugo A & McAleer, Michael, 1995. "Simplicity, Scientific Interference and Econometric Modelling," Economic Journal, Royal Economic Society, vol. 105(428), pages 1-21, January.
    9. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521641739, March.
    10. 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.
    11. Chick, Victoria, 1998. "On Knowing One's Place: The Role of Formalism in Economics," Economic Journal, Royal Economic Society, vol. 108(451), pages 1859-1869, November.
    12. Axel Leijonhufvud, 2009. "Out of the corridor: Keynes and the crisis," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 741-757, July.
    13. 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, July.
    14. Patinkin, Don & Steiger, Otto, 1989. " In Search of the "Veil of Money" and the "Neutrality of Money": A Note on the Origin of Terms," Scandinavian Journal of Economics, Wiley Blackwell, vol. 91(1), pages 131-146.
    15. Coddington, Alan, 1976. "Keynesian Economics: The Search for First Principles," Journal of Economic Literature, American Economic Association, vol. 14(4), pages 1258-1273, December.
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    Cited by:

    1. Kakarot-Handtke, Egmont, 2012. "General formal foundations of the virtuous deficit–profit symmetry and the vicious debt deflation," MPRA Paper 42912, University Library of Munich, Germany.
    2. Kakarot-Handtke, Egmont, 2011. "Qualitative and temporal aggregation," MPRA Paper 33345, University Library of Munich, Germany.
    3. Kakarot-Handtke, Egmont, 2011. "Squaring the investment cycle," MPRA Paper 32895, University Library of Munich, Germany.
    4. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (I)," MPRA Paper 32421, University Library of Munich, Germany.
    5. Kakarot-Handtke, Egmont, 2012. "Zur axiomatischen Einheit von Kreislauf-,Geld-, Preis- und Verteilungstheorie
      [The axiomatic unity of circuit, money, price and distribution]
      ," MPRA Paper 44313, University Library of Munich, Germany.
    6. Kakarot-Handtke, Egmont, 2011. "Primary and secondary markets," MPRA Paper 32996, University Library of Munich, Germany.
    7. Egmont Kakarot-Handtke, 2013. "The Emergence of Profit and Interest in the Monetary Circuit," World Economic Review, World Economics Association, vol. 2013(2), pages 106-106, February.
    8. Kakarot-Handtke, Egmont, 2011. "Uniform profit ratios," MPRA Paper 32639, University Library of Munich, Germany.
    9. Kakarot-Handtke, Egmont, 2012. "Income distribution, profit, and real shares," MPRA Paper 43291, University Library of Munich, Germany.
    10. Kakarot-Handtke, Egmont, 2011. "Schumpeter and the essence of profit," MPRA Paper 31176, University Library of Munich, Germany.
    11. Kakarot-Handtke, Egmont, 2011. "What is wrong with heterodox economics? Kalecki’s profit theory as an example," MPRA Paper 31177, University Library of Munich, Germany.
    12. Kakarot-Handtke, Egmont, 2011. "Increasing returns and stability," MPRA Paper 33133, University Library of Munich, Germany.
    13. Kakarot-Handtke, Egmont, 2011. "Exploitation and its unintended outcomes. An axiomatic obituary for Marx’s surplus value," MPRA Paper 31792, University Library of Munich, Germany.
    14. Kakarot-Handtke, Egmont, 2011. "Unemployment out of nowhere – a structural axiomatic analysis of objective determinants," MPRA Paper 32248, University Library of Munich, Germany.
    15. Kakarot-Handtke, Egmont, 2012. "Keynes’s employment function and the gratuitous Phillips curve disaster," MPRA Paper 43111, University Library of Munich, Germany.
    16. Kakarot-Handtke, Egmont, 2012. "Taxes, profits, and employment: a structural axiomatic analysis," MPRA Paper 43581, University Library of Munich, Germany.
    17. Kakarot-Handtke, Egmont, 2011. "Unemployment out of nowhere," MPRA Paper 32257, University Library of Munich, Germany, revised 15 Jul 2011.
    18. Kakarot-Handtke, Egmont, 2011. "Beginning, crises, and end of the money economy in three consistent steps," MPRA Paper 31175, University Library of Munich, Germany.
    19. Kakarot-Handtke, Egmont, 2011. "The wondrous effortlessness of unifying circuit-, money-, price- and distribution theory," MPRA Paper 31279, University Library of Munich, Germany.

    More about this item

    Keywords

    New framework of concept; Structure-centric; Axiom set; Full employment; Intermediate situation; Emergent money; Singularity; System immanent risk; Distributed profit; Saving; Investment; Allais-Identity;

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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