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Economics for Economists

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  • Kakarot-Handtke, Egmont

Abstract

The characteristic capability of science – to turn whatever it might touch into knowledge – seems to have eluded economics. Currently, economists do not understand how the economy works. To get out of the cul-de-sac requires a paradigm shift. It consists in replacing behavioral axioms by structural axioms. The subject matter of theoretical economics is not human behavior but systemic behavior. From the structural analysis follows a new Law of Supply and Demand and a new Profit Law for the economy as a whole. The conventional supply-demand-equilibrium approach is refuted. This implies that the reliance on the spontaneous order metaphor is unfounded.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2014. "Economics for Economists," MPRA Paper 59659, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:59659
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    References listed on IDEAS

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    Cited by:

    1. Kakarot-Handtke, Egmont, 2015. "Essentials of Constructive Heterodoxy: Say’s Law," MPRA Paper 61670, University Library of Munich, Germany.
    2. Kakarot-Handtke, Egmont, 2015. "Essentials of Constructive Heterodoxy: Employment," MPRA Paper 62795, University Library of Munich, Germany.

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    More about this item

    Keywords

    new framework of concepts; structure-centric; axiom set; Profit Law; Law of Supply and Demand; self-adjustment;
    All these keywords.

    JEL classification:

    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General

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