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The Truly General Theory of Employment: How Keynes Could Have Succeeded

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  • Kakarot-Handtke, Egmont

Abstract

There is not much use to attack standard economics because deep in his heart the representative economist long knows that he is tied to a degenerating research program. The problem is, rather, that it seems to be exceedingly difficult to build up a convincing alternative. Keynes, for one, tried and was successful – albeit not fully. Unfortunately, he got some basics wrong. The conceptual consequence of the present paper is to discard the accustomed subjective-behavioral axioms and to take objective-structural axioms as the formal point of departure for the analysis of employment as the main practical issue of economics.

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  • Kakarot-Handtke, Egmont, 2014. "The Truly General Theory of Employment: How Keynes Could Have Succeeded," MPRA Paper 54367, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:54367
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    References listed on IDEAS

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    1. N. Gregory Mankiw, 1998. "Teaching the Principles of Economics," Eastern Economic Journal, Eastern Economic Association, vol. 24(4), pages 519-524, Fall.
    2. Robert G. King, 1993. "Will the New Keynesian Macroeconomics Resurrect the IS-LM Model?," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 67-82, Winter.
    3. Weintraub, E Roy, 1985. "Joan Robinson's Critique of Equilibrium: An Appraisal," American Economic Review, American Economic Association, vol. 75(2), pages 146-149, May.
    4. Gordon, Robert J, 1990. "What Is New-Keynesian Economics?," Journal of Economic Literature, American Economic Association, vol. 28(3), pages 1115-1171, September.
    5. Tomasson, Gunnar & Bezemer, Dirk J, 2010. "What is the Source of Profit and Interest? A Classical Conundrum Reconsidered," MPRA Paper 20320, University Library of Munich, Germany.
    6. Mark Blaug, 1990. "Economic Theories, True or False?," Books, Edward Elgar Publishing, number 49.
    7. Alfred S. Eichner, 1983. "Why Economics Is Not Yet a Science," Journal of Economic Issues, Taylor & Francis Journals, vol. 17(2), pages 507-520, June.
    8. Kakarot-Handtke, Egmont, 2011. "Primary and secondary markets," MPRA Paper 32996, University Library of Munich, Germany.
    9. Kakarot-Handtke, Egmont, 2014. "Exchange in the Monetary Economy," MPRA Paper 53437, University Library of Munich, Germany.
    10. Stigler, George J, 1983. "Nobel Lecture: The Process and Progress of Economics," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 529-545, August.
    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; price setter; full employment; multiplier; price mechanism; profit mechanism;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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