Settling the theory of saving

Egmont Kakarot-Handtke ()

MPRA Paper from University Library of Munich, Germany

Abstract: There is no way around it: each theory rests on a tiny set of foundational propositions. Standard economics rests on behavioral axioms. After a long intellectual detour it should be clear by now that behavioral axioms are the wrong formal departure point. Being beyond repair, they have to be replaced by objective structural axioms. This paper deals with saving and its relation to investment and profit. It starts from the fact that there is no such thing as a real economy. Hence economic phenomena are only explicable as the outcome of the interaction of real and nominal variables.

Keywords: new framework of concepts; structure-centric; axiom set; triangle theorem; income; profit; investment; productivity; time shift (search for similar items in EconPapers)
JEL-codes: B41 C65 E20 (search for similar items in EconPapers)
Date: 2013-02-19
New Economics Papers: this item is included in nep-hpe
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