The Calculating Auctioneer, Enlightened Wage Setters, and the Fingers of the Invisible Hand
The formal foundations of theoretical economics must be nonbehavioral and epitomize the interdependence of real and nominal variables that constitutes the monetary economy. This is a cogent conclusion from the persistent collapse of behavioral and real models. Conceptual rigor demands, first, to take objective-structural axioms as a formal point of departure and, secondly, to clarify the interrelations of the fundamental concepts income and profit. The present paper reconstructs the characteristic properties of a Walrasian economy in structural axiomatic terms, generalizes them and explores the consequences for our understanding of the working of the economy we happen to live in.
|Date of creation:||12 Mar 2013|
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- Kakarot-Handtke, Egmont, 2011.
"Reconstructing the Quantity Theory (I),"
32421, University Library of Munich, Germany.
- Egmont Kakarot-Handtke, 2012.
"Primary and Secondary Markets,"
Economics Working Paper Archive
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- Frank Ackerman, 2001. "Still dead after all these years: interpreting the failure of general equilibrium theory," Journal of Economic Methodology, Taylor & Francis Journals, vol. 9(2), pages 119-139.
- Kakarot-Handtke, Egmont, 2011. "Schumpeter and the essence of profit," MPRA Paper 31176, University Library of Munich, Germany.
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