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Essentials of Constructive Heterodoxy: Say’s Law

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  • Kakarot-Handtke, Egmont

Abstract

The core problem of economics is that the representative economist never managed to keep political and theoretical economics properly apart. The mixture is toxic indeed. As Joan Robinson said about what parades as economics: Scrap the lot and start again. Yet, the question then arises where to start. To solve the Starting Problem - first formulated by J. S. Mill - is the all-dominant initial step of a paradigm shift. The most urgent task of a constructive Heterodoxy is to rethink pivotal concepts like market, Say's Law, profit, etcetera. The reconstruction of the theoretical superstructure from scratch is an absolute methodological necessity.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2015. "Essentials of Constructive Heterodoxy: Say’s Law," MPRA Paper 61670, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:61670
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    File URL: https://mpra.ub.uni-muenchen.de/61670/1/MPRA_paper_61670.pdf
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    References listed on IDEAS

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    1. 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.
    2. 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)

    More about this item

    Keywords

    new framework of concepts; structure-centric; Law of Supply and Demand; market clearing; budget balancing; full employment; indifference;

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

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