By Hendrik Hagedorn
After the latest monetary problem it has develop into transparent that there exists a problem additionally in economics as a technology. the existing paradigms have didn't expect and to appreciate the monetary problem. New ways are accordingly wanted. Of specific curiosity might be methods that mix insights from these elements of economics which are principally ignored through the mainstream. Hendrik Hagedorn provides a version that synthesizes components of Austrian, post-Keynesian, and evolutionary economics. hence, an monetary paradigm is built that demanding situations neoclassical economics as a whole.
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Extra resources for A model of Austrian economics
Firms adjust their strategies according to whether offers and inventories are within or outside their target ranges. e. e. e. e. 1: The firms adjust their sales strategies according to their sales performance and their offering status. a firm’s quantity target is appropriate since all offers, independent of their size, have an equal selection probability in the market search process (cf. 1). Hence, the sales performance of a firm is, in first instance, an indicator of how the firm’s price stands relative to the prices of its competitors.
The banks cannot know the optimal prices at which they trade future money nor can they know the strategic adjustments of their competitors. The rationale of banks is thus to engage in quantity targeting. With a given interest rate for savings a bank attracts, ceteris paribus, the same amount of savings in each time period. The bank thus accumulates a pool of loanable funds which, ceteris paribus, eventually reaches a constant level. At this level the redemption payments to households per time period equal the new time deposits received.
2) fully represent the technological level of an economy. 1). 1) where w stands for the general wage level in the economy. 3) holds as long as the 2 It could be argued that the specificity of fixed capital, as it occurs in the real world, would be better represented if the firms had to decide about their fixed investments ahead of time. The possibility to substitute labor for time is realistic regardless. 2 The systemic view 53 financing costs on the right hand side in that condition are not excessive.