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Primary and secondary markets

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  • Kakarot-Handtke, Egmont

Abstract

The present paper swaps the standard behavioral axioms for structural axioms and applies the latter to the analysis of the emergence of secondary markets from the flow part of the economy. Real and nominal residuals at first give rise to the accumulation of the stock of money and the stock of commodities. This stocks constitute the demand and supply side of secondary markets. The pricing in these markets is different from the pricing in the primary markets. Winnings are different from income or profits. The emergence of secondary markets implies that the plans of households and firms are mutually incompatible.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2011. "Primary and secondary markets," MPRA Paper 32996, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:32996
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    References listed on IDEAS

    as
    1. Frank Ackerman, 2001. "Still dead after all these years: interpreting the failure of general equilibrium theory," Journal of Economic Methodology, Taylor & Francis Journals, vol. 9(2), pages 119-139.
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    3. K. Vela Velupillai, 2005. "The unreasonable ineffectiveness of mathematics in economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 29(6), pages 849-872, November.
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    5. Mirowski,Philip, 2002. "Machine Dreams," Cambridge Books, Cambridge University Press, number 9780521772839, January.
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    7. Tobin, James, 1980. "Are New Classical Models Plausible Enough to Guide Policy?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(4), pages 788-799, November.
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    9. Keuzenkamp, H.A. & McAleer, M., 1994. "Simplicity, scientific inference and econometric modelling," Other publications TiSEM dabcc476-15d7-4177-a2f5-b, Tilburg University, School of Economics and Management.
    10. Stephen F. Le Roy, 2004. "Rational Exuberance," Journal of Economic Literature, American Economic Association, vol. 42(3), pages 783-804, September.
    11. Kakarot-Handtke, Egmont, 2011. "Keynes’s missing axioms," MPRA Paper 32742, University Library of Munich, Germany, revised 11 Aug 2011.
    12. Kakarot-Handtke, Egmont, 2011. "Squaring the investment cycle," MPRA Paper 32895, University Library of Munich, Germany.
    13. Louis-Philippe Rochon & Sergio Rossi (ed.), 2003. "Modern Theories of Money," Books, Edward Elgar Publishing, number 2506.
    14. Kakarot-Handtke, Egmont, 2011. "Properties of an economy without human beings," MPRA Paper 31497, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    New framework of concepts; Structure-centric; Axiom set; Residuals; Real and nominal stocks; Money; Credit; Financial saving; Nonfinancial saving; Net worth; Financial profit; Nonfinancial profit; Retained Profit; Wealth; Commodity market; Financial market; Central Bank; Commercial banks;
    All these keywords.

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General

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