January 1, 2015

Humbleness does not help, but scientific imagination could

Comment on 'The hubris of economics'


The profit theory is false since Adam Smith.

Neither orthodox nor heterodox economists understand the two most important phenomena in the economic universe: profit and income (2014). This is like pre-Newtonian physics before the elementary concepts force and mass were clearly defined and thoroughly understood.

Economists have nothing to offer in the way of a scientifically founded advice and this has nothing to do with hubris but with a lack of genuine scientific competence.

Egmont Kakarot-Handtke

Kakarot-Handtke, E. (2014). The Three Fatal Mistakes of Yesterday Economics:
Profit, I=S, Employment. SSRN Working Paper Series, 2489792: 1–13. URL