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Essentials of Constructive Heterodoxy: Institutions

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  • Kakarot-Handtke, Egmont

Abstract

What do economists understand about the economy if they do not understand the profit phenomenon? Next to nothing. Therefore, the very first task in theoretical economics is to clarify the difference between profit and wage income and their respective determinants. It was Ricardo who tackled the problem first, but neither Orthodoxy nor Heterodoxy solved it until this day. The need for a paradigm shift is indisputable. The new structural axiomatic approach is more comprehensive as it embraces the consistent interaction of real and nominal variables of the monetary economy and the economic consequences of alternative variants of institutions.

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  • Kakarot-Handtke, Egmont, 2015. "Essentials of Constructive Heterodoxy: Institutions," MPRA Paper 63935, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:63935
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    References listed on IDEAS

    as
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    5. Arrow, Kenneth J., 1980. "Real and Nominal Magnitudes in Economics," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 15(4), pages 773-783, November.
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    7. Kakarot-Handtke, Egmont, 2015. "Essentials of Constructive Heterodoxy: Money, Credit, Interest," MPRA Paper 62471, University Library of Munich, Germany.
    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; real analysis; nominal analysis; profit; distributed profit; ownership;
    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
    • H00 - Public Economics - - General - - - General

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