The Calculating Auctioneer, Enlightened Wage Setters, and the Fingers of the Invisible Hand

Egmont Kakarot-Handtke (handtke@axec.de)

MPRA Paper from University Library of Munich, Germany

Abstract: The formal foundations of theoretical economics must be nonbehavioral and epitomize the interdependence of real and nominal variables that constitutes the monetary economy. This is a cogent conclusion from the persistent collapse of behavioral and real models. Conceptual rigor demands, first, to take objective-structural axioms as a formal point of departure and, secondly, to clarify the interrelations of the fundamental concepts income and profit. The present paper reconstructs the characteristic properties of a Walrasian economy in structural axiomatic terms, generalizes them and explores the consequences for our understanding of the working of the economy we happen to live in.

Keywords: new framework of concepts; structure-centric; axiom set; analytical rigor; market clearing; budget balancing; competitive structure; deflationary bias (search for similar items in EconPapers)
JEL-codes: D01 D46 D51 (search for similar items in EconPapers)
Date: 2013-03-12
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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