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Keynes’s missing axioms

By Egmont Kakarot-Handtke

Abstract

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 money economy? We start with three structural axioms. The claim of generality entails that it should be possible to prove that Keynes’s formalism is a subset of the structural axiom set. The axioms are applied to a central part of the General Theory in order to achieve consistency and generality.

Topics: E12 - Keynes; Keynesian; Post-Keynesian, E25 - Aggregate Factor Income Distribution, E31 - Price Level; Inflation; Deflation, E24 - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital, E40 - General, B41 - Economic Methodology
Year: 2011
DOI identifier: 10.2139/ssrn.1841408
OAI identifier: oai:mpra.ub.uni-muenchen.de:31179

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