The Rhetoric of Failure: A Hyper-Dialog About Method in Economics and How to Get Things Going
50 Pages Posted: 28 Apr 2012 Last revised: 19 Sep 2012
Date Written: April 27, 2012
All are agreed that orthodox economics is unsatisfactory but there is wide disagreement, especially among heterodox critics, whether the problems lie at the level of substantive theory or at the level of methodology. This paper gives first an overview of the methodological questions at issue. The frame of reference includes J. S. Mill, Jevons, Popper, Keynes, and Lawson. Drawing on the conclusions, the domain of economics is subsequently refocused. Human behavior is moved from the center to the periphery. From elementary systemic properties the relation of income and profit is then consistently derived. This solves the profit conundrum.
Keywords: new framework of concepts, structure-centric, axiom set, income, profit, Mill’s Impossibility Proposition, Physicist’s Nonentity Proposition, Cournot’s Unfitness Proposition, Hudík’s Independence Proposition
JEL Classification: B10, B20, B30, E10
Suggested Citation: Suggested Citation