Objective Principles of Economics
19 Pages Posted: 1 Apr 2014 Last revised: 20 Mar 2015
Date Written: April 1, 2014
Economists have the habit of solving the wrong problem. They speculate circumstantially about the behavior of agents and do not come to grips with the behavior of the monetary economy. This is the consequence of the methodological imperative that all explanations must run in terms of the actions and reactions of individuals. The critical point is that no way leads from the understanding of the interaction of the individuals to the understanding of the working of the economy as a whole. The solution consists in moving from subjective-behavioral axioms to objective-structural axioms, i.e., from proto-scientific past to scientific future.
Keywords: new framework of concepts, structure-centric, axiom set, methodology, complex adaptive system, profit
JEL Classification: B59, D01, D50
Suggested Citation: Suggested Citation