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The Synthesis of Economic Law, Evolution, and History

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  • Kakarot-Handtke, Egmont

Abstract

It has long been criticized that history is almost entirely absent from orthodox economics. This deficiency is due to the fact that equilibrium and time make an odd couple. Because equilibrium is one of the crucial hard-core propositions of the research program it cannot be abandoned. This impedes the treatment of time in a methodologically acceptable manner. The orthodox approach is based on indefensible axioms which are in this paper replaced by objective structural axioms. This enables the synthesis of timeless economic laws, randomness, and goal-oriented human action, which are the essential elements of a formally consistent historical account.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2014. "The Synthesis of Economic Law, Evolution, and History," MPRA Paper 58842, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:58842
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    References listed on IDEAS

    as
    1. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
    2. Tomasson, Gunnar & Bezemer, Dirk J, 2010. "What is the Source of Profit and Interest? A Classical Conundrum Reconsidered," MPRA Paper 20320, 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. Hahn, Frank, 1991. "The Next Hundred Years," Economic Journal, Royal Economic Society, vol. 101(404), pages 47-50, January.
    5. Mark Obrinsky, 1981. "The Profit Prophets," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 3(4), pages 491-502, July.
    6. Kakarot-Handtke, Egmont, 2011. "Primary and secondary markets," MPRA Paper 32996, University Library of Munich, Germany.
    7. Weintraub, E Roy, 1985. "Joan Robinson's Critique of Equilibrium: An Appraisal," American Economic Review, American Economic Association, vol. 75(2), pages 146-149, May.
    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; cumulative causation; First Economic Law; Period Core; propensity function;
    All these keywords.

    JEL classification:

    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications

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