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The characteristic capability of science – to turn whatever it might touch into knowledge – seems to have eluded economics.
Currently, economists do not understand how the economy works.
To get out of the cul-de-sac requires a paradigm shift.
It consists in replacing behavioral axioms by structural axioms.
The subject matter of theoretical economics is not human behaviorbut systemic behavior.
From the structural analysis follows a new Law of Supply and Demand and a new Profit Law for the economy as a whole.
The conventional supply-demand-equilibrium approach is refuted.
This implies that the reliance on the spontaneous order metaphor is unfounded.

Item Type: MPRA Paper -

Original Title: Economics for Economists-

Language: English-

Keywords: new framework of concepts; structure-centric; axiom set; Profit Law; Law of Supply and Demand; self-adjustment-

Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology > B49 - OtherB - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B59 - OtherD - Microeconomics > D0 - General > D03 - Behavioral Microeconomics: Underlying PrinciplesD - Microeconomics > D4 - Market Structure, Pricing, and Design > D40 - General-

Autor: Kakarot-Handtke, Egmont



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