Essentials of Constructive Heterodoxy: Institutions

Egmont Kakarot-Handtke ()

MPRA Paper from University Library of Munich, Germany

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.

Keywords: new framework of concepts; structure-centric; axiom set; real analysis; nominal analysis; profit; distributed profit; ownership (search for similar items in EconPapers)
JEL-codes: B59 E10 H00 (search for similar items in EconPapers)
Date: 2015-04-26
New Economics Papers: this item is included in nep-hpe and nep-mac
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