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Matter matters: productivity, resources, and prices

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  • Kakarot-Handtke, Egmont

Abstract

Tastes and technology are the ultimate givens of standard economics. Their interaction is mediated by the marginal principle. This approach is unsuitable to explain the nature and magnitude of overall profits and their distribution within the business sector. The present paper therefore takes a quite different analytical route. The standard behavioral axioms are replaced by objective structural axioms and the standard production function is replaced by a sequential production function. From this new formal basis two exemplary factor prices, the product price, and the real wage are derived under the conditions of market clearing and equal profit ratios.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2011. "Matter matters: productivity, resources, and prices," MPRA Paper 34225, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:34225
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    File URL: https://mpra.ub.uni-muenchen.de/34225/1/MPRA_paper_34225.pdf
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    References listed on IDEAS

    as
    1. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (I)," MPRA Paper 32421, University Library of Munich, Germany.
    2. Kakarot-Handtke, Egmont, 2011. "Squaring the investment cycle," MPRA Paper 32895, University Library of Munich, Germany.
    3. Ulrich Witt, 2006. "Evolutionary Economics," Papers on Economics and Evolution 2006-05, Philipps University Marburg, Department of Geography.
    4. Kakarot-Handtke, Egmont, 2011. "The wondrous effortlessness of unifying circuit-, money-, price- and distribution theory," MPRA Paper 31279, University Library of Munich, Germany.
    5. Gavin Kennedy, 2009. "Adam Smith and the Invisible Hand: From Metaphor to Myth," Econ Journal Watch, Econ Journal Watch, vol. 6(2), pages 239-263, May.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    New framework of concepts; Structure-centric; Axiom set; Factors of production; Substitution; Profit redistribution; Bargaining margin; Equal profit ratios; Metachoice;

    JEL classification:

    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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