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Primary and secondary markets

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  • Kakarot-Handtke, Egmont

Abstract

The present paper swaps the standard behavioral axioms for structural axioms and applies the latter to the analysis of the emergence of secondary markets from the flow part of the economy. Real and nominal residuals at first give rise to the accumulation of the stock of money and the stock of commodities. This stocks constitute the demand and supply side of secondary markets. The pricing in these markets is different from the pricing in the primary markets. Winnings are different from income or profits. The emergence of secondary markets implies that the plans of households and firms are mutually incompatible.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2011. "Primary and secondary markets," MPRA Paper 32996, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:32996
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    References listed on IDEAS

    as
    1. Robert Z. Aliber & Charles P. Kindleberger, 2015. "Manias, Panics, and Crashes," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-137-52574-1, August.
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    6. Kakarot-Handtke, Egmont, 2011. "Keynes’s missing axioms," MPRA Paper 32742, University Library of Munich, Germany, revised 11 Aug 2011.
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    More about this item

    Keywords

    New framework of concepts; Structure-centric; Axiom set; Residuals; Real and nominal stocks; Money; Credit; Financial saving; Nonfinancial saving; Net worth; Financial profit; Nonfinancial profit; Retained Profit; Wealth; Commodity market; Financial market; Central Bank; Commercial banks;
    All these keywords.

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General

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