The pure logic of value, profit, interest

Kakarot-Handtke, Egmont (2011): The pure logic of value, profit, interest.

Abstract

Standard economic models are based on axioms that epitomize the fundamental behavioral assumptions. This approach is trapped in a blind alley. The suggested change of perspective is guided by the question: what is the minimum set of nonbehavioral propositions for the consistent reconstruction of the evolving monetary economy? We start with three structural axioms and determine their real world implications. The differentiation of the axiom set leads to the structural value theorem. For the limiting case of the competitive structure a formal link to the classical and neoclassical value theories can be established.

• Item Type: MPRA Paper
• Language: English
• Keywords: New framework of concepts; Structure-centric; Axiom set; Labour theory of value; Structural value theorem; Profit; Distributed profit; Rate of interest; Reproducibility
• Subjects: E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E43 - Interest Rates: Determination, Term Structure, and Effects; B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B12 - Classical (includes Adam Smith); D - Microeconomics > D0 - General > D00 - General; B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology > B41 - Economic Methodology

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