Squaring the investment cycle
The present paper replaces the standard behavioral axioms by structural axioms and applies these to the analysis of the accumulation and decumulation of capital. This yields a coherent view of the interrelations of real and nominal saving–investment, of profit–loss, of money–credit, and of internal–external financing. The main result is that asymmetric growth is indispensable for the viability of the market system.
|Date of creation:||18 Aug 2011|
|Date of revision:|
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"Keynes’s missing axioms,"
31179, University Library of Munich, Germany.
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"Primary and Secondary Markets,"
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"Reconstructing the Quantity Theory (II),"
32542, University Library of Munich, Germany.
- Kakarot-Handtke, Egmont, 2011. "The pure logic of value, profit, interest," MPRA Paper 30853, University Library of Munich, Germany.
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