Munich Personal RePEc Archive

The Calculating Auctioneer, Enlightened Wage Setters, and the Fingers of the Invisible Hand

Kakarot-Handtke, Egmont (2013): The Calculating Auctioneer, Enlightened Wage Setters, and the Fingers of the Invisible Hand.

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Abstract

The formal foundations of theoretical economics must be nonbehavioral and epitomize the interdependence of real and nominal variables that constitutes the monetary economy. This is a cogent conclusion from the persistent collapse of behavioral and real models. Conceptual rigor demands, first, to take objective-structural axioms as a formal point of departure and, secondly, to clarify the interrelations of the fundamental concepts income and profit. The present paper reconstructs the characteristic properties of a Walrasian economy in structural axiomatic terms, generalizes them and explores the consequences for our understanding of the working of the economy we happen to live in.

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