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Essentials of Constructive Heterodoxy: Profit

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  • Kakarot-Handtke, Egmont

Abstract

The goal of theoretical economics is to explain how the actual economy works. Since Adam Smith economists have consistently failed to clarify the nature and magnitude of overall profit. No economist, though, would deny that profit is an important phenomenon. Yet, obviously economists are still mired in utter confusion about the most fundamental concept of their discipline. Hence, in the strict sense, there is no valid economics. From all this follows for a methodologically ambitious Constructive Heterodoxy that the accustomed foundations of Orthodoxy have to be replaced. In technical terms this is what a paradigm shift is all about.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2015. "Essentials of Constructive Heterodoxy: Profit," MPRA Paper 62694, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:62694
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    File URL: https://mpra.ub.uni-muenchen.de/62694/1/MPRA_paper_62694.pdf
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    References listed on IDEAS

    as
    1. 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.
    2. N. Gregory Mankiw, 1998. "Teaching the Principles of Economics," Eastern Economic Journal, Eastern Economic Association, vol. 24(4), pages 519-524, Fall.
    3. Kakarot-Handtke, Egmont, 2015. "Essentials of Constructive Heterodoxy: Money, Credit, Interest," MPRA Paper 62471, University Library of Munich, Germany.
    4. Mark Obrinsky, 1981. "The Profit Prophets," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 3(4), pages 491-502, July.
    5. William S. Hopkins, 1933. "Profit in American Economic Theory," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 1(1), pages 60-66.
    6. Kakarot-Handtke, Egmont, 2012. "Income distribution, profit, and real shares," MPRA Paper 43291, University Library of Munich, Germany.
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    1. Kakarot-Handtke, Egmont, 2015. "Essentials of Constructive Heterodoxy: Behavior," MPRA Paper 64035, 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; monetary profit; distributed profit; Law of Overall Profit; economic stability; positive feedback;
    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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