Marx today

Comment on Tom Hickey on 'Marx Today'

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There are political economics and theoretical economics. The main differences are: (i) The goal of political economics is to successfully push an agenda, the goal of theoretical economics is to successfully explain how the actual economy works. (ii) In political economics anything goes; in theoretical economics, the scientific standards of material and formal consistency are observed.

Theoretical economics (= science) had been hijacked from the very beginning by political economists (= agenda pushers). Political economics has produced NOTHING of scientific value in the last 200+ years.

The worst blunder is profit theory. Marx, too, never came to grips with profit. For an overview see

• The profit theory is false since Adam Smith
• Ricardo and the invention of class war
• Profit for Marxists
• Debunking Squared
• Karl Marx, fake scientist
• Marx and Marxists ― too stupid for the elementary algebra of profit
• Capitalism, poverty, exploitation, and cross-over exploitation
• Here is the long-overdue scientific death certificate for Marx and Marxists
• DSGE and profit―forget it! MMT and profit―forget it!
• For details of the big picture see cross-references Profit

Because the foundational economic concept of profit is false the whole of economics is false. Economic policy guidance has had no sound scientific foundations since Adam Smith/Karl Marx.

Egmont Kakarot-Handtke

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