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The pure logic of value, profit, interest

By Egmont Kakarot-Handtke


Standard economic models are based on axioms that epitomize the fundamental behavioral assumptions. This approach is not conductive to convincing results. The suggested change of perspective is guided by the question: what is the minimum set of propositions for the consistent reconstruction of the evolving money economy? We start with three structural axioms and determine their real world implications. The claim of generality entails that it should be possible to demonstrate that well-understood parts of theoretical economics fit consistently into the structural axiomatic framework. We focus here on the classical theory of value.

Topics: E43 - Interest Rates: Determination, Term Structure, and Effects, B12 - Classical (includes Adam Smith), D00 - General, B41 - Economic Methodology
Year: 2011
DOI identifier: 10.2139/ssrn.1838203
OAI identifier:

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