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By Hendrik Hagedorn

After the newest monetary main issue it has turn into transparent that there exists a obstacle additionally in economics as a technological know-how. the existing paradigms have didn't count on and to appreciate the monetary hindrance. New methods are for this reason wanted. Of specific curiosity could be methods that mix insights from these elements of economics which are principally missed via the mainstream. Hendrik Hagedorn offers a version that synthesizes components of Austrian, post-Keynesian, and evolutionary economics. therefore, an fiscal paradigm is built that demanding situations neoclassical economics as a whole.

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The initial budget is 1000 monetary units. The sequence of intended actions lists the goods that the household desires in the course of time. The reservation expenditures describe his willingness and ability to buy the good. For each desired good a household consults three offers and chooses the one with the lowest price (underlined). A purchase is made if the price of the cheapest offer is below the reservation price. The algorithm stops once all goods that appear in the preference set have been rejected.

In the first investment phase the firms make investments out of their current money holdings. These investments, in turn, create demand on the part of the suppliers and the employed households that now make purchases out of their current money holdings. Throughout this phase credit is only taken up to cover small liquidity shortages that, for instance, may occur if firms underestimate their input prices. Once these trading activities come to a halt the second investment phase starts in which the firms make their investments without restrictions.

Their production units are thus pr x · capk as long as machine capacity is available and pr x · capl once this capacity is exhausted. In general, all firms only invest if their intent and their ability to produce are at least as great in size as the volume of the current production unit. In summary, the production mode of a firm and the size of its machinery define a production schedule { ui,t } with i = 1 . . 1) which specifies for each j > 0 the number of goods that one additional worker, when equipped with a complementary number of intermediate goods, can maximally produce.

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