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Confused confusers. How to stop thinking like an economist and start thinking like a scientist

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  • Kakarot-Handtke, Egmont

Abstract

The present paper takes it as an indisputable fact that subjective-behavioral thinking leads, for deeper methodological reasons, with inner necessity to inconclusive filibustering about the agents’ economic conduct and therefore has to be replaced by something fundamentally different. The key argument runs as follows: (a) the subjective-behavioral approach can not, as a matter of principle, afford a correct profit theory, (b) without a correct profit theory it is impossible to comprehend how the monetary economy works, (c) without this knowledge economic policy proposals are unjustifiable, (d) thinking like an economist may be hazardous to the economy.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2013. "Confused confusers. How to stop thinking like an economist and start thinking like a scientist," MPRA Paper 44046, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:44046
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    References listed on IDEAS

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    1. Mirowski,Philip, 2002. "Machine Dreams," Cambridge Books, Cambridge University Press, number 9780521772839, September.
    2. Ken Dennis, 1982. "Economic Theory and the Problem of Translation," Journal of Economic Issues, Taylor & Francis Journals, vol. 16(3), pages 691-712, September.
    3. Johannes J. Klant, 1994. "The Nature Of Economic Thought," Books, Edward Elgar Publishing, number 262.
    4. Mirowski,Philip, 2002. "Machine Dreams," Cambridge Books, Cambridge University Press, number 9780521775267, September.
    5. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521641739, September.
    6. Kakarot-Handtke, Egmont, 2011. "Squaring the investment cycle," MPRA Paper 32895, University Library of Munich, Germany.
    7. Arrow, Kenneth J, 1994. "Methodological Individualism and Social Knowledge," American Economic Review, American Economic Association, vol. 84(2), pages 1-9, May.
    8. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (I)," MPRA Paper 32421, University Library of Munich, Germany.
    9. David E.W. Laidler, 2016. "The Golden Age of the Quantity Theory," Economics Books, Princeton University Press, edition 1, number 4959.
    10. Coates,John, 2007. "The Claims of Common Sense," Cambridge Books, Cambridge University Press, number 9780521039581, September.
    11. Kakarot-Handtke, Egmont, 2011. "Primary and secondary markets," MPRA Paper 32996, University Library of Munich, Germany.
    12. Egmont Kakarot-Handtke, 2013. "Why Post Keynesianism is Not Yet a Science," Economic Analysis and Policy, Elsevier, vol. 43(1), pages 95-108, March.
    13. Christian Arnsperger & Yanis Varoufakis, 2006. "What Is Neoclassical Economics? The three axioms responsible for its theoretical oeuvre, practical irrelevance and, thus, discursive power," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 53(1), pages 5-18, March.
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    Citations

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    Cited by:

    1. Kakarot-Handtke, Egmont, 2015. "Major Defects of the Market Economy," MPRA Paper 65666, University Library of Munich, Germany.
    2. Kakarot-Handtke, Egmont, 2013. "Toolism! A Critique of Econophysics," MPRA Paper 46630, University Library of Munich, Germany.
    3. Kakarot-Handtke, Egmont, 2014. "The Law of Supply and Demand: Here It Is Finally," MPRA Paper 58004, University Library of Munich, Germany.
    4. Kakarot-Handtke, Egmont, 2014. "Economics for Economists," MPRA Paper 59659, University Library of Munich, Germany.
    5. Kakarot-Handtke, Egmont, 2013. "The Calculating Auctioneer, Enlightened Wage Setters, and the Fingers of the Invisible Hand," MPRA Paper 44977, University Library of Munich, Germany.
    6. Kakarot-Handtke, Egmont, 2015. "Essentials of Constructive Heterodoxy: Financial Markets," MPRA Paper 64426, University Library of Munich, Germany.
    7. Kakarot-Handtke, Egmont, 2014. "Exchange in the Monetary Economy," MPRA Paper 53437, University Library of Munich, Germany.
    8. Kakarot-Handtke, Egmont, 2013. "Settling the theory of saving," MPRA Paper 44479, University Library of Munich, Germany.
    9. Kakarot-Handtke, Egmont, 2013. "Understanding Profit and the Markets: The Canonical Model," MPRA Paper 48691, University Library of Munich, Germany.
    10. Kakarot-Handtke, Egmont, 2013. "Walras’s law of markets as special case of the general Triangle Theorem: a laconic proof," MPRA Paper 44547, University Library of Munich, Germany.
    11. Kakarot-Handtke, Egmont, 2014. "The Synthesis of Economic Law, Evolution, and History," MPRA Paper 58842, University Library of Munich, Germany.

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    More about this item

    Keywords

    new framework of concepts; structure-centric; axiom set; objectivestructural; income; profit; General Complementarity; subjective-behavioral; methodological individualism; opus magnum;
    All these keywords.

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • D00 - Microeconomics - - General - - - General
    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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