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The Law of Supply and Demand: Here It Is Finally

Kakarot-Handtke, Egmont (2014): The Law of Supply and Demand: Here It Is Finally.


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There is no such thing as a law of human or social behavior. The conceptual consequence of the present paper is therefore to discard the subjectivebehavioral axioms and to take objective-structural axioms as new formal foundations. The central piece of economic theory is the interaction of demand and supply which determines prices and quantities. Demand and supply in turn are determined by subjective factors. In the structural axiomatic paradigm the Law of Supply and Demand follows from objective factors alone. The Law consists of measurable variables and is testable in principle. The results prove the superiority of the new paradigm.

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