Comment on Noah Smith on ‘Tribal Warfare in Economics Is a Thing of the Past’
Blog-Reference and Blog-Reference
Economics is a failed science, that is, the four main approaches ― Walrasianism, Keynesianism, Marxianism, Austrianism ― are mutually contradictory and axiomatically false. More specifically, it is not only so that orthodox/standard/mainstream economics is false as Heterodoxy ritually asserts, but traditional Heterodoxy, too, is false and never provided a valid alternative. What we actually have is the pluralism of well-established false theories.
As a consequence, the heap of scientific rubbish grows with every peer-reviewed issue of ranked quality journals. All grand debates end where they started, that is, in the swamp of conceptual confusion, undecidability, impenetrable mishmash, a category error, inconsistent definitions, cross-talk, and inconclusiveness. Accordingly, the scientific content of economics textbooks from Samuelson to Mankiw and Rodrik is below the level of a Donald Duck cartoon.
Neither orthodox nor heterodox economists can explain how the economy works and they have no idea how to get out of the deadlock: “Yet most economists neither seek alternative theories nor believe that they can be found.” (Hausman, 1992)
Because economists cannot explain the macroeconomic universe they have (i) regressed to the study of microeconomic molehills which are easy to understand by any half-wit, and (ii), they have formed one big tribe at the lowermost scientific level of anything-goes.
Egmont Kakarot-Handtke
Related ‘Failed economics: The losers’ long list of lame excuses’ and 'Economists’s real job problem' and 'Heterodoxy, too, is proto-scientific garbage' and 'Economics is indefensible' and 'The economic machine is broken? Don’t call the heterodox repairman!' and 'Economics: The pluralism of false theories is over' and 'Substandard reasoners'