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By Hendrik Hagedorn

After the latest monetary drawback it has turn into transparent that there exists a obstacle additionally in economics as a technology. the present paradigms have did not expect and to appreciate the monetary problem. New methods are accordingly wanted. Of specific curiosity can be ways that mix insights from these components of economics which are mostly ignored by means of the mainstream. Hendrik Hagedorn offers a version that synthesizes components of Austrian, post-Keynesian, and evolutionary economics. therefore, an fiscal paradigm is constructed that demanding situations neoclassical economics as a whole.

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Thus, all strategic decisions that firms take are speculative actions and subject to trial and error. 1 illustrates the situation that a firm is confronted with when updating its sales strategy. Each firm, at that point in time, is aware of the offering target that determined its investments during the last time period, it knows the actual number of goods that it offered for sale, and it knows how many of these goods were sold. 1. Complementary to this, each firm has three imaginary cut-off points.

The pricing strategy of banks with regard to the interest rate for loans is to lower the rate whenever new loans are below the targeted volume and to raise the rate if the quantity of new loans lies above the threshold. Moreover, the banks set a mark-up requirement for themselves so as to ensure that the rate on loans does not fall below the rate on savings. 1) The extent to which the banks adapt their lending rates is described by the stochastically modified parameter α˜ · r f lex . While the banks base their lending strategies on the monitoring of flows they use an iterative monitoring of their assets and liabilities to find an optimal interest rate for savings.

For example, operation expenditures only become cost effective when the respective goods are sold, but the sales price may have changed by then. 5 The investment rationale 41 The selection process that a firm carries out in each investment decision starts by searching the market for its preliminary inputs. The firm consults a number of η different offers in this market and chooses the one with the lowest price. If more than one input good is needed and the cheapest offer does not contain the necessary quantity the firm repeats the search.

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