Schumpeter and the Essence of Profit

Onblog Economics Muddle Busting

“…But what about Heterodoxy? The profit theories of Marx, Schumpeter, Keynes, Kalecki, Davidson, Minsky, Keen are also demonstrably false (2014f;2011d;2011f;2011e;2013b). Despite the obvious fact that they cannot all be correct at the same time, all are propagated under the banner of pluralism as heterodox alternatives.…”

Reconstructing the Quantity Theory (I)

“…On the contrary, the structural axiom set is open to any behavioral assumption and not restricted to the standard optimization calculus. The case for structural axiomatization has been made at length elsewhere (Kakarot-Handtke, 2011a, 2011c, or 2011b), thus we can proceed without further methodological preliminaries.…”