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Exchange in the Monetary Economy

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  • Kakarot-Handtke, Egmont

Abstract

It is clear by now that pure exchange models are useless. For two reasons. First, because exchange is the other side of specialization in production, and, second, because a direct exchange of goods does not take place in the monetary economy. The decisive drawback of conventional exchange models, though, is that they cannot explain profit. Standard economics rests on behavioral assumptions that are expressed as axioms. The ultimate reason for the failure of conventional exchange theory is that human behavior and axiomatization are disjunct. Notable progress can be made by replacing the subjective-behavioral axioms by objective-structural axioms.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2014. "Exchange in the Monetary Economy," MPRA Paper 53437, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:53437
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    File URL: https://mpra.ub.uni-muenchen.de/53437/1/MPRA_paper_53437.pdf
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    References listed on IDEAS

    as
    1. L. Randall Wray, 2002. "State Money," International Journal of Political Economy, Taylor & Francis Journals, vol. 32(3), pages 23-40.
    2. Kakarot-Handtke, Egmont, 2013. "Confused confusers. How to stop thinking like an economist and start thinking like a scientist," MPRA Paper 44046, University Library of Munich, Germany.
    3. Kakarot-Handtke, Egmont, 2011. "Primary and secondary markets," MPRA Paper 32996, University Library of Munich, Germany.
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    Cited by:

    1. Kakarot-Handtke, Egmont, 2014. "Loanable Funds vs. Endogenous Money: Krugman is Wrong, Keen is Right," MPRA Paper 53385, University Library of Munich, Germany.
    2. Kakarot-Handtke, Egmont, 2014. "Objective Principles of Economics," MPRA Paper 55031, University Library of Munich, Germany.
    3. Kakarot-Handtke, Egmont, 2014. "The Truly General Theory of Employment: How Keynes Could Have Succeeded," MPRA Paper 54367, University Library of Munich, Germany.

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    More about this item

    Keywords

    new framework of concepts; structure-centric; axiom set; consumption economy; specialization; exchange; profit;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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