Zur axiomatischen Einheit von Kreislauf, Geld, Preis, und Verteilungstheorie (The Axiomatic Unity of Circuit, Money, Price and Distribution)

Abstract

This contribution to the Festschrift in memoriam of Karl Brandt and Alfred E. Ott establishes the axiomatic unity of circuit, money, price and distribution theory. From the history of economic methodology and from actual practice follows: one cannot not axiomatize. The crucial question is not axiomatization per se but the real world content of axioms which is not guaranteed by simply applying the method. Axioms can be empirically vacuous. This holds for the behavioral axioms of standard economics. In marked contrast, all structural axiomatic variables are measurable in principle. No metaphysical concepts like equilibrium are put into the premises.

Note: Downloadable document is in German.

Keywords: new framework of concepts, structure-centric, axiom set, formal core, axiom of reals, real shares of output, spending pattern

JEL Classification: B41