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Standard economics is known to be incapable of integrating the real and themonetary sphere. The ultimate reason is that the whole theoretical edifice isbuilt upon a set of behavioral axioms. Therefore, the formal starting pointis moved to structural axioms. This makes it possible to formally track thecomplete process of value creation and destruction in the asset market and itsconsequences for the household and business sector. From the set of structuralaxioms emerge the well-known phenomena of a bubble from free lunchesthrough appreciation to defaults due to a lack of potential next buyers.

Item Type: MPRA Paper -

Original Title: Make a bubble, take a free lunch, break a bank-

Language: English-

Keywords: new framework of concepts; structure-centric; axiom set; profit; rate of interest; liquidity preference; rentier; primary market; secondary market; parrot economics; theory of value; valuation price; appreciation; depreciation; net worth; debt-income ratio-

Subjects: E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E43 - Interest Rates: Determination, Term Structure, and EffectsE - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy > E21 - Consumption ; Saving ; WealthE - Macroeconomics and Monetary Economics > E1 - General Aggregative Models > E10 - General-

Autor: Kakarot-Handtke, Egmont


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