6 Pages Posted: 20 Dec 2015 Last revised: 24 Dec 2015
Date Written: December 18, 2015
Most non-economists tend to think that economists know what they are talking about when they use specific terms like income, profit, capital, market equilibrium, and so on. This is not the case. What, then, follows from the well-documented fact that the representative economist has no idea of what profit is? Quite simple: if the core concept profit is false then the whole economic theory/model is false. This holds for the Walrasian, the Keynesian, the Marxian, and the Austrian approach.
Keywords: new framework of concepts, structure-centric, price mechanism, profit mechanism
JEL Classification: B49, B59
Suggested Citation: Suggested Citation
Kakarot-Handtke, Egmont, How the Intelligent Non-Economist Can Refute Every Economist Hands Down (December 18, 2015). Available at SSRN: https://ssrn.com/abstract=2705395 or http://dx.doi.org/10.2139/ssrn.2705395