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Settling the theory of saving

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  • Kakarot-Handtke, Egmont

Abstract

There is no way around it: each theory rests on a tiny set of foundational propositions. Standard economics rests on behavioral axioms. After a long intellectual detour it should be clear by now that behavioral axioms are the wrong formal departure point. Being beyond repair, they have to be replaced by objective structural axioms. This paper deals with saving and its relation to investment and profit. It starts from the fact that there is no such thing as a real economy. Hence economic phenomena are only explicable as the outcome of the interaction of real and nominal variables.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2013. "Settling the theory of saving," MPRA Paper 44479, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:44479
    as

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    References listed on IDEAS

    as
    1. Alan Kirman, 2010. "The Economic Crisis is a Crisis for Economic Theory ," CESifo Economic Studies, CESifo Group, vol. 56(4), pages 498-535, December.
    2. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (I)," MPRA Paper 32421, University Library of Munich, Germany.
    3. 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.
    4. Kakarot-Handtke, Egmont, 2012. "Keynes’s employment function and the gratuitous Phillips curve disaster," MPRA Paper 43111, University Library of Munich, Germany.
    5. Kakarot-Handtke, Egmont, 2011. "Primary and secondary markets," MPRA Paper 32996, University Library of Munich, Germany.
    6. Lars Ljungqvist & Thomas J. Sargent, 2004. "Recursive Macroeconomic Theory, 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 026212274x, December.
    7. 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.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    new framework of concepts; structure-centric; axiom set; triangle theorem; income; profit; investment; productivity; time shift;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C65 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Miscellaneous Mathematical Tools
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)

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