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The Law of Supply and Demand: Here It Is Finally

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  • Kakarot-Handtke, Egmont

Abstract

There is no such thing as a law of human or social behavior. The conceptual consequence of the present paper is therefore to discard the subjectivebehavioral axioms and to take objective-structural axioms as new formal foundations. The central piece of economic theory is the interaction of demand and supply which determines prices and quantities. Demand and supply in turn are determined by subjective factors. In the structural axiomatic paradigm the Law of Supply and Demand follows from objective factors alone. The Law consists of measurable variables and is testable in principle. The results prove the superiority of the new paradigm.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2014. "The Law of Supply and Demand: Here It Is Finally," MPRA Paper 58004, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:58004
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    References listed on IDEAS

    as
    1. 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.
    2. Kakarot-Handtke, Egmont, 2014. "Objective Principles of Economics," MPRA Paper 55031, University Library of Munich, Germany.
    3. Kakarot-Handtke, Egmont, 2011. "Primary and secondary markets," MPRA Paper 32996, University Library of Munich, Germany.
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    Cited by:

    1. Kakarot-Handtke, Egmont, 2015. "Essentials of Constructive Heterodoxy: Behavior," MPRA Paper 64035, University Library of Munich, Germany.

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    More about this item

    Keywords

    new framework of concepts; structure-centric; axiom set; harmonic structure;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General

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