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Debunking Squared

5 Pages Posted: 22 Nov 2013 Last revised: 22 Jun 2015

Egmont Kakarot-Handtke

University of Stuttgart - Institute of Economics and Law

Date Written: November 21, 2013

Abstract

Steve Keen has debunked a good part of standard economics. However, he has left standing the theory of profit. This is unfortunate, because the theory of profit is the pivot of all of theoretical economics. This tightly focused paper clarifies the factual relation of profit and income, which should be helpful to put Keen’s alternative to the standard approach on sound foundations.

Keywords: new framework of concepts, structure-centric, consumption economy, Profit Law, market clearing, budget balancing, error detection, four quadrant scheme

JEL Classification: B59

Suggested Citation

Kakarot-Handtke, Egmont, Debunking Squared (November 21, 2013). Available at SSRN: https://ssrn.com/abstract=2357902 or http://dx.doi.org/10.2139/ssrn.2357902

Egmont Kakarot-Handtke (Contact Author)

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

Keplerstrasse 17
Stuttgart
Germany

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