IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/52550.html
   My bibliography  Save this paper

Say’s Law: A Rigorous Restatement

Author

Listed:
  • Kakarot-Handtke, Egmont

Abstract

Say’s Law has passed through various conceptual frameworks. As the next logical step, this paper provides a rigorous restatement in structural axiomatic terms. The main reason is that previous attempts have been methodologically unsatisfactory. Standard economics rests on behavioral assumptions that are expressed as axioms. Axioms are indispensable to build up a theory that epitomizes formal and material consistency. The crucial flaw of the standard approach is that human behavior does not lend itself to axiomatization. Small wonder that the accustomed attempt to explain how the economy works met with scant success. This battered also the discussion about Say’s Law.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2013. "Say’s Law: A Rigorous Restatement," MPRA Paper 52550, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:52550
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/52550/1/MPRA_paper_52550.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (I)," MPRA Paper 32421, University Library of Munich, Germany.
    2. repec:bla:econom:v:44:y:1977:i:174:p:145-61 is not listed on IDEAS
    3. Keuzenkamp, H.A. & McAleer, M., 1994. "Simplicity, scientific inference and econometric modelling," Other publications TiSEM dabcc476-15d7-4177-a2f5-b, Tilburg University, School of Economics and Management.
    4. Peter L. Bernstein, 1953. "Profit Theory — Where Do We Go from Here?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 67(3), pages 407-422.
    5. Kakarot-Handtke, Egmont, 2011. "Primary and secondary markets," MPRA Paper 32996, University Library of Munich, Germany.
    6. Johannes J. Klant, 1994. "The Nature Of Economic Thought," Books, Edward Elgar Publishing, number 262.
    7. Steven Kates, 1997. "On the True Meaning of Say's Law," Eastern Economic Journal, Eastern Economic Association, vol. 23(2), pages 191-202, Spring.
    8. Mark Blaug, 1997. "Say's Law of Markets: What Did It Mean and Why Should We Care?," Eastern Economic Journal, Eastern Economic Association, vol. 23(2), pages 231-235, Spring.
    9. William J. Baumol, 1999. "Retrospectives: Say's Law," Journal of Economic Perspectives, American Economic Association, vol. 13(1), pages 195-204, Winter.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Egmont Kakarot-Handtke, 2013. "The Emergence of Profit and Interest in the Monetary Circuit," World Economic Review, World Economics Association, vol. 2013(2), pages 106-106, February.
    2. Kakarot-Handtke, Egmont, 2012. "The rhetoric of failure: a hyper-dialog about method in economics and how to get things going," MPRA Paper 43276, University Library of Munich, Germany.
    3. Kakarot-Handtke, Egmont, 2013. "The Ideal Economy: A Prototype," MPRA Paper 51582, University Library of Munich, Germany.
    4. 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.
    5. Kakarot-Handtke, Egmont, 2013. "Redemption and Depression," MPRA Paper 50924, University Library of Munich, Germany.
    6. Kakarot-Handtke, Egmont, 2013. "Understanding Profit and the Markets: The Canonical Model," MPRA Paper 48691, University Library of Munich, Germany.
    7. Kakarot-Handtke, Egmont, 2014. "Loanable Funds vs. Endogenous Money: Krugman is Wrong, Keen is Right," MPRA Paper 53385, University Library of Munich, Germany.
    8. Kakarot-Handtke, Egmont, 2012. "The common error of common sense: an essential rectification of the accounting approach," MPRA Paper 43196, University Library of Munich, Germany.
    9. Kakarot-Handtke, Egmont, 2014. "Mr. Keynes, Prof. Krugman, IS-LM, and the End of Economics as We Know It," MPRA Paper 53608, University Library of Munich, Germany.
    10. 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.
    11. Kakarot-Handtke, Egmont, 2014. "Mathematical Proof of the Breakdown of Capitalism," MPRA Paper 52910, University Library of Munich, Germany.
    12. Kakarot-Handtke, Egmont, 2011. "Primary and secondary markets," MPRA Paper 32996, University Library of Munich, Germany.
    13. Kakarot-Handtke, Egmont, 2011. "The propensity function as formal passkey to economic action," MPRA Paper 34051, University Library of Munich, Germany.
    14. Kakarot-Handtke, Egmont, 2003. "How to Get Rid of Demand–Supply–Equilibrium for Good," MPRA Paper 46917, University Library of Munich, Germany.
    15. Kakarot-Handtke, Egmont, 2015. "Essentials of Constructive Heterodoxy: Say’s Law," MPRA Paper 61670, University Library of Munich, Germany.
    16. Kakarot-Handtke, Egmont, 2011. "Squaring the investment cycle," MPRA Paper 32895, University Library of Munich, Germany.
    17. Kakarot-Handtke, Egmont, 2014. "Objective Principles of Economics," MPRA Paper 55031, University Library of Munich, Germany.
    18. Kakarot-Handtke, Egmont, 2012. "Make a bubble, take a free lunch, break a bank," MPRA Paper 42996, University Library of Munich, Germany.
    19. Kakarot-Handtke, Egmont, 2012. "Why Post Keynesianism is not yet a science," MPRA Paper 43171, University Library of Munich, Germany.
    20. Kakarot-Handtke, Egmont, 2011. "Increasing returns and stability," MPRA Paper 33133, University Library of Munich, Germany.

    More about this item

    Keywords

    new framework of concepts; structure-centric; axiom set; consumption economy; Profit Law; simulation; market clearing; budget balancing;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:52550. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.