December 30, 2014

Test of failure

Comment on 'Mainstream macroeconomics distorts our understanding of economic reality'


My argument has been:
• Orthodoxy is a failure.
• Heterodoxy is a failure.
• There is no alternative to the Structural Axiomatic Paradigm.

As far as orthodox and heterodox approaches are formalized they imply I=S. The Structural Axiomatic Paradigm implies Q=Yd+I-S.

All variables are measurable, all premises have been made explicit, all relevant points have been discussed, now economic reality has the last word. Let the test speak.

Egmont Kakarot-Handtke