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.

Number of Pages in PDF File: 26

Keywords: new framework of concepts, structure-centric, axiom set, structural value theorem, labour theory of value, marginalistic theory of value, profit, distributed profit, rate of interest, reproducibility

JEL Classification: B12, B41, D00, E43

working papers series