Simplified exposition of Axiomatic Economics

Publication Type  Miscellaneous
Year of Publication  1996
Authors  Victor Aguilar
Key Words  Economics Theory; Axiomatic Economics

I have written a book entitled Axiomatic Theory of Economics. This
book is about a new economic theory. It is not a simplified version of
mainstream economics. It does not predict the future, calling neither
prosperity or ruin in America. It is certainly not in the "how to be a
salesman" genre, nor does it propose to tell the reader how to make
money in the framework of current financial institutions. It is an abstract
treatise. The purpose of this book is to give an axiomatic foundation
for the theory of economics. The success of the axiomatic method
employed by Euclid (in geometry), Kolmogorov (in probability), and
others is well known and I claim that similar success can be realized in
economics. However, by defining economics to be concerned with the
creation of wealth rather than the allocation of scarce resources, I have
not only solidified it but have shifted its basic paradigm. I address the
issue of price and stock. Supply and demand does not work. This is a
fundamental departure from mainstream economics comparable to that
of Copernicus in astronomy.
The purpose of this pamphlet is to give a simplified exposition
which is not too mathematically demanding. This is accomplished by
replacing an axiom to assume away the infinite summations so that
readers need not be familiar with real analysis. The essential points
remain intact, however, as the theorems apply as well to partial sums
(including the 0’th partial sum) as to infinite ones. But the proofs are
simple enough to facilitate a cursory reading.
There is a glossary in the back of this pamphlet which defines
terms unique to Axiomatic Theory of Economics. To read the proofs
one must have at least a semester of calculus. The theorems are expressed
in words as well as equations, however, so it is possible to
follow the theory while skimming over most of the math.

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