Essentials of Constructive Heterodoxy: The Market

Egmont Kakarot-Handtke ()

MPRA Paper from University Library of Munich, Germany

Abstract: The consensus is that orthodox economics is a failure in three dimensions: conceptual, methodological, and empirical. Heterodoxy has meticulously sorted out the multitude of errors, mistakes, and distortions. Yet, this alone does not help out of stagnation. Economists have now to go into constructive mode. The most urgent task is to replace the misleading supply-demandequilibrium representation of the market. The reconstruction of the centerpiece of the market system from scratch paves the way to the new paradigm. Nobody can talk about the market system without a correct idea of how the market works. Heterodox economists must take the innovative lead.

Keywords: new framework of concepts; structure-centric; Law of Supply and Demand; market clearing; budget balancing (search for similar items in EconPapers)
JEL-codes: B59 D40 (search for similar items in EconPapers)
Date: 2015-01-11
New Economics Papers: this item is included in nep-hme, nep-hpe and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:61236

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