By Hendrik Hagedorn
After the latest monetary situation it has develop into transparent that there exists a trouble additionally in economics as a technological know-how. the present paradigms have did not expect and to appreciate the monetary concern. New ways are as a result wanted. Of specific curiosity might be ways that mix insights from these elements of economics which are principally overlooked by means of 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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Additional resources for A model of Austrian economics
It is important to understand that these narrow profit margins, which characterize a steady state, are not the result of any form of mark-up pricing on the part of the firms. Prices in this model are completely independent of the cost of production. It is only the market forces which entail that the economy-wide profitability is reduced to a minimum and that profitability differentials are temporary. All of this would vanish if price regulations or entry barriers for certain markets were introduced.
1 All of the above considerations are conditional on the availability of production factors. If, however, there is a shortage of input factors then the price level will not be competed down to the cost level. Instead, the offering firms will repeatedly fall short of their production targets and eventually reduce the offered quantity in order to sell it at higher prices. Yet, since in such a case the providers of the good which is scarce will constantly sell all of their offered goods, the price level in that factor markets will rise and, as a consequence, the average costs will approach the price level from below.
In fact, the reaction functions of the agents ensure that the price spectra in all markets remain relatively narrow. All agents in the model are interconnected not only through the markets in which they interact, but also through the fact that labor and machines as well as credit and equity are modeled as being non-specific and flexible. That is, these resources can be used by any firm and there are no restrictions on where on the production grid they can be allocated. Hence, the prices in those markets have an economy-wide relevance and create a dependency between agents that operate in different parts of the system.