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By Hendrik Hagedorn

After the latest monetary challenge it has develop into transparent that there exists a predicament additionally in economics as a technological know-how. the present paradigms have did not expect and to appreciate the monetary difficulty. New ways are for that reason wanted. Of specific curiosity can be techniques that mix insights from these elements of economics which are mostly overlooked through the mainstream. Hendrik Hagedorn provides a version that synthesizes parts of Austrian, post-Keynesian, and evolutionary economics. therefore, an financial paradigm is built that demanding situations neoclassical economics as a whole.

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Rather, these marginal utilities are incomparable. 3). The sequences of intended actions are hence not transitive. A household’s sequence of intended actions is constructed as a concatenation of elements that are randomly drawn from a preference set. Each household has his own preference set and this set contains the different types of goods that he generally desires. The more frequently an element occurs in the preference set, the more frequently it also occurs in his sequence of intended actions.

Moreover, the division of labor and the accumulation of capital are complementary. That is, the higher the dispersion of workers on the production grid, the more that intermediate goods will be produced and the more capacity is necessary to process them. The degree to which labor division and capital accumulation are realized characterizes the roundaboutness of the production process. Roundaboutness also means that production takes time in the sense that goods undergo several transformations before turning into a consumption good and only one transformation per time period is possible.

1). If, however, a market is catered by more than one firm then these firms permanently challenge the market positions of one another and the microeconomic structure of the market changes constantly. In every time period there will be different firms who are the marginal selling firms and the relative market shares of the firms vary accordingly. 1 Competition and steady states 51 will be mutually offsetting, but if the competition is intense enough these strategic adjustments may nonetheless push the market in a certain direction.

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