Essentials of Constructive Heterodoxy: Money, Credit, Interest

Egmont Kakarot-Handtke ()

MPRA Paper from University Library of Munich, Germany

Abstract: The goal of theoretical economics is to explain how the monetary economy works. The fatal methodological defect of Orthodoxy is that it is based on behavioral axioms. Yet, no specific behavioral assumption whatever can serve as a starting point for economic analysis. From this follows for Constructive Heterodoxy that the subjective axiomatic foundations have to be replaced. This amounts to a paradigm shift. Nobody can rest content with a pluralism of false theories. Based on a set of objective axioms all economic conceptions have to be reconstructed from scratch. In the following this is done for the theory of money.

Keywords: new framework of concepts; structure-centric; Structural Law of Supply and Demand; stock of money; monetary profit; transaction unit; banking unit (search for similar items in EconPapers)
JEL-codes: B59 E10 (search for similar items in EconPapers)
Date: 2015-02-28
New Economics Papers: this item is included in nep-hme, nep-hpe, nep-mac, nep-mfd, nep-mon and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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