What economists produce is not so much scientific knowledge but some mixture of propaganda, how-to-get-rich quackery, disinformation, and entertainment. The four main approaches ― Walrasianism, Keynesianism, Marxianism, Austrianism ― are mutually contradictory, axiomatically false, materially/formally inconsistent and all got the pivotal economic concept profit wrong. With the pluralism of provably false theories economics sits squarely at the proto-scientific level.
Economics is one of the most embarrassing scientific failures of all times. Economic policy guidance NEVER had sound scientific foundations. And it does not matter at all whether this guidance has been more rightist or more leftist, more capitalist or more communist. Because of this, the discussions of economists of different schools never had any scientific relevance and have roughly the same entertainment value as a wrestling show.
The irrelevance of Steve Keen’s critique of Marx consists in the fact that both so-called economists have no idea of the foundational economic concept of profit.#1, #2 Everybody knows from methodology that when the premises are false the whole analytical superstructure is false. Or in the words of Aristotle: “When the premises are certain, true, and primary, and the conclusion formally follows from them, this is demonstration, and produces scientific knowledge of a thing.”
Economics started as Political Economy. Marxianism is not so much economics as Sociology, Anthropology, History, Political Science, Philosophy, Psychology, and agenda pushing.#3 Marx got the pivotal concepts profit, exploitation, and class wrong.#4, #5 The axiomatically correct profit theory tells everybody that macroeconomic profit is determined in the most elementary case by dissaving = growth of household- and public sector debt#6 and NOT by exploitation and that there is NO antagonism between wages and profits for the economy as a whole.
Economists of ALL camps are cargo cult scientists and have not gotten their foundational concepts straight in the last 200 years. Nothing to celebrate on Marx’s bicentennial but the persistence of economists’ stupidity and fraud.#7, #8
#1 Proﬁt for Marxists
#2 How the Intelligent Non-Economist Can Refute Every Economist Hands Down
#3 It is not quite clear which agenda Marx was pushing. See Karl Marx, Prussian government agent
#4 Capitalism, poverty, exploitation, and cross-over exploitation
#5 Ricardo and the invention of class war
#6 Keynes, Lerner, MMT, Trump and exploding profit
#7 Economists: scientists or political clowns?
#8 The end of political economics