January 1, 2015

Humbleness does not help, but scientific imagination could

Comment on 'The hubris of economics'

Blog-Reference

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


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