Objective Principles of Economics

19 Pages Posted: 1 Apr 2014 Last revised: 20 Mar 2015

Egmont Kakarot-Handtke

University of Stuttgart - Institute of Economics and Law

Date Written: April 1, 2014

Abstract

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

Kakarot-Handtke, Egmont, Objective Principles of Economics (April 1, 2014). Available at SSRN: https://ssrn.com/abstract=2418851 or http://dx.doi.org/10.2139/ssrn.2418851

Egmont Kakarot-Handtke (Contact Author)

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

Keplerstrasse 17
Stuttgart
Germany

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