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Matter matters: productivity, resources, and prices

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  • Kakarot-Handtke, Egmont

Abstract

Tastes and technology are the ultimate givens of standard economics. Their interaction is mediated by the marginal principle. This approach is unsuitable to explain the nature and magnitude of overall profits and their distribution within the business sector. The present paper therefore takes a quite different analytical route. The standard behavioral axioms are replaced by objective structural axioms and the standard production function is replaced by a sequential production function. From this new formal basis two exemplary factor prices, the product price, and the real wage are derived under the conditions of market clearing and equal profit ratios.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2011. "Matter matters: productivity, resources, and prices," MPRA Paper 34225, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:34225
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    References listed on IDEAS

    as
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    4. Dopfer,Kurt (ed.), 2005. "The Evolutionary Foundations of Economics," Cambridge Books, Cambridge University Press, number 9780521621991, September.
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    7. Joan Robinson, 1953. "The Production Function and the Theory of Capital," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 21(2), pages 81-106.
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    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; Factors of production; Substitution; Profit redistribution; Bargaining margin; Equal profit ratios; Metachoice;
    All these keywords.

    JEL classification:

    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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