Showing 1 - 10 of 16
There is no such thing as a real economy. The task, therefore, is to consistently reconstruct the fluctuations of employment and output from the interactions of real and nominal variables. The present paper does exactly this. No nonempirical concepts like utility, equilibrium, rationality,...
Persistent link: https://www.econbiz.de/10011259544
There is not much use to attack standard economics because deep in his heart the representative economist long knows that he is tied to a degenerating research program. The problem is, rather, that it seems to be exceedingly difficult to build up a convincing alternative. Keynes, for one, tried...
Persistent link: https://www.econbiz.de/10011259647
Standard economics is regarded as the theory of the market system. Profit is the pivotal phenomenon of this system. Contrary to expectations, though, profit is neither well defined not fully understood. The frailty of the theoretical core is passed on to the subfields. This paper provides a...
Persistent link: https://www.econbiz.de/10011260990
Between Keynes’s verbalized theory and its formal basis persists a lacuna. The conceptual groundwork is too small and not general. The quest for a comprehensive formal basis is guided by the question: what is the minimum set of foundational propositions for a consistent reconstruction of the...
Persistent link: https://www.econbiz.de/10009220654
Unemployment is usually explained with reference to the equilibrium of supply and demand in the labour market. This …
Persistent link: https://www.econbiz.de/10009223360
Increasing returns are an incontrovertible fact since Adam Smith hailed them as the very originators of wealth, yet they play havoc with general equilibrium. They fit, in marked contrast, nicely into the structural axiomatic framework. This indicates that it is worthwhile to replace the...
Persistent link: https://www.econbiz.de/10009278289
Unemployment is usually explained with reference to the equilibrium of supply and demand in the labour market. This …
Persistent link: https://www.econbiz.de/10009207081
This paper aims at providing a critical assessment of the new ‘Farmerian’ economics, i.e. the recent Farmer’s attempt to provide a new micro-foundation of the General Theory grounded on modern search and business cycle theories. Specifically, I develop a theoretical model that summarizes...
Persistent link: https://www.econbiz.de/10009021709
Between Keynes’s verbalized theory and its formal basis persists a lacuna. The conceptual groundwork is too small and not general. The quest for a comprehensive formal basis is guided by the question: what is the minimum set of foundational propositions for a consistent reconstruction of the...
Persistent link: https://www.econbiz.de/10009025252
the social elasticity of the matching function with respect to unemployment. …
Persistent link: https://www.econbiz.de/10011157018