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Essentials of Constructive Heterodoxy: The Market

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  • Kakarot-Handtke, Egmont

Abstract

The consensus is that orthodox economics is a failure in three dimensions: conceptual, methodological, and empirical. Heterodoxy has meticulously sorted out the multitude of errors, mistakes, and distortions. Yet, this alone does not help out of stagnation. Economists have now to go into constructive mode. The most urgent task is to replace the misleading supply-demandequilibrium representation of the market. The reconstruction of the centerpiece of the market system from scratch paves the way to the new paradigm. Nobody can talk about the market system without a correct idea of how the market works. Heterodox economists must take the innovative lead.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2015. "Essentials of Constructive Heterodoxy: The Market," MPRA Paper 61236, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:61236
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    References listed on IDEAS

    as
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    2. McCauley, Joseph L., 2006. "Response to worrying trends in econophysics," MPRA Paper 2129, University Library of Munich, Germany.
    3. 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.
    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; Law of Supply and Demand; market clearing; budget balancing;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General

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