The Pure Logic of Value, Profit, Interest

27 Pages Posted: 19 May 2011 Last revised: 26 Jun 2015

Egmont Kakarot-Handtke

University of Stuttgart - Institute of Economics and Law

Date Written: May 11, 2011

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 harmonic structure a formal link to the classical and neoclassical value theories can be established.

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

Suggested Citation

Kakarot-Handtke, Egmont, The Pure Logic of Value, Profit, Interest (May 11, 2011). Available at SSRN: https://ssrn.com/abstract=1838203 or http://dx.doi.org/10.2139/ssrn.1838203

Egmont Kakarot-Handtke (Contact Author)

University of Stuttgart - Institute of Economics and Law ( email )

Keplerstrasse 17
Stuttgart
Germany

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