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Essentials of Constructive Heterodoxy: Money, Credit, Interest

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  • Kakarot-Handtke, Egmont

Abstract

The goal of theoretical economics is to explain how the monetary economy works. The fatal methodological defect of Orthodoxy is that it is based on behavioral axioms. Yet, no specific behavioral assumption whatever can serve as a starting point for economic analysis. From this follows for Constructive Heterodoxy that the subjective axiomatic foundations have to be replaced. This amounts to a paradigm shift. Nobody can rest content with a pluralism of false theories. Based on a set of objective axioms all economic conceptions have to be reconstructed from scratch. In the following this is done for the theory of money.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2015. "Essentials of Constructive Heterodoxy: Money, Credit, Interest," MPRA Paper 62471, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:62471
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    File URL: https://mpra.ub.uni-muenchen.de/62471/1/MPRA_paper_62471.pdf
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    1. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (I)," MPRA Paper 32421, University Library of Munich, Germany.
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    Cited by:

    1. Kakarot-Handtke, Egmont, 2015. "Essentials of Constructive Heterodoxy: Institutions," MPRA Paper 63935, University Library of Munich, Germany.
    2. Kakarot-Handtke, Egmont, 2015. "Essentials of Constructive Heterodoxy: Profit," MPRA Paper 62694, University Library of Munich, Germany.

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    More about this item

    Keywords

    new framework of concepts; structure-centric; Structural Law of Supply and Demand; stock of money; monetary profit; transaction unit; banking unit;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

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