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Essentials of Constructive Heterodoxy: Institutions

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  • Kakarot-Handtke, Egmont

Abstract

What do economists understand about the economy if they do not understand the profit phenomenon? Next to nothing. Therefore, the very first task in theoretical economics is to clarify the difference between profit and wage income and their respective determinants. It was Ricardo who tackled the problem first, but neither Orthodoxy nor Heterodoxy solved it until this day. The need for a paradigm shift is indisputable. The new structural axiomatic approach is more comprehensive as it embraces the consistent interaction of real and nominal variables of the monetary economy and the economic consequences of alternative variants of institutions.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2015. "Essentials of Constructive Heterodoxy: Institutions," MPRA Paper 63935, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:63935
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    File URL: https://mpra.ub.uni-muenchen.de/63935/1/MPRA_paper_63935.pdf
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    References listed on IDEAS

    as
    1. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (I)," MPRA Paper 32421, University Library of Munich, Germany.
    2. Deane, Phyllis, 1983. "The Scope and Method of Economic Science," Economic Journal, Royal Economic Society, vol. 93(369), pages 1-12, March.
    3. Arrow, Kenneth J, 1994. "Methodological Individualism and Social Knowledge," American Economic Review, American Economic Association, vol. 84(2), pages 1-9, May.
    4. Smith, Adam, 2008. "An Inquiry into the Nature and Causes of the Wealth of Nations: A Selected Edition," OUP Catalogue, Oxford University Press, number 9780199535927 edited by Sutherland, Kathryn.
    5. Arief Anshory Yusuf & Djoni Hartono & Wawan Hermawan & Yayan, 2008. "AGEFIS:Applied General Equilibrium for FIScal Policy Analysis," Working Papers in Economics and Development Studies (WoPEDS) 200807, Department of Economics, Padjadjaran University, revised Oct 2008.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    new framework of concepts; structure-centric; axiom set; real analysis; nominal analysis; profit; distributed profit; ownership;

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • H00 - Public Economics - - General - - - General

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