Blog-Reference and Blog-Reference and Blog-Reference on Apr 14
Economics is a scientific failure for 200+ years. The four major approaches ― Walrasianism, Keynesianism, Marxianism, Austrianism ― are mutually contradictory, axiomatically false, materially/formally inconsistent and that all got the foundational concept of the subject matter ― profit ― wrong. Methodologically, economics can be described as pluralism of provably false theories.
Economists have many explanations/excuses about why they have not achieved much of real scientific value. Here is the classical answer: “Years ago I heard Mr. Cobden say at a League Meeting that ‘Political Economy was the highest study of the human mind, for that the physical sciences required by no means so hard an effort’.” (Bagehot, 1885)
In Lars Syll’s modern parlance the chief difficulty is: “Radical uncertainty is feature of a complex adaptive system a chief characteristic of which is emergence. Emergence is at the heart of evolution theory. Emergence in this context means that there is no way to predict what will emerge from a complex adaptive system based on investigation of the past and present state of the system.” and “It’s long past time to admit that Keynes and Knight were correct …”
The fact of the matter is that it is sheer scientific incompetence that explains the persistent failure of economists. Uncertainty and complexity are, of course, real but economists abuse them as excuses. It is particularly painful when cargo cult scientists, who have not managed in 200+ years to get their foundational concepts right, blather about methodology.
But lack of knowledge about how the economy works is not seen as a disgrace among economists, just the opposite, it is taken as proof that laissez-faire is the best economic policy. After all, who knows nothing cannot do anything.
For details see
► Failed economics: The losers’ long list of lame excuses
► How Keynes got macro wrong and Allais got it right
► To this day, economists have produced NOT ONE textbook that satisfies scientific standards
► Ontological uncertainty is NOT the problem but economists’ ontological stupidity
► What is dead certain in an uncertain world: economists’ abysmal incompetence
► Uncertainty: ‘Whereof one cannot speak, thereof one must be silent’
► Economists: Either stupid or corrupt or both
► Opinion, conversation, interpretation, blather: the economist’s major immunizing stratagems
► Economics as storytelling and entertainment for the masses
► Still beyond the reach of economists: The Holy Grail of Science
► Econogenics in action
Egmont Kakarot-Handtke
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LINKS on Lars Syll’s ‘John Maynard Keynes — an introduction’ on Apr 12► How Keynes got macro wrong and Allais got it right
► Macroeconomics ― dead since Keynes
► From Keynes’ fatal blunder to the true economic model
► The general theory of scientific incompetence
► Dear idiots, time to get saving and investment straight (II)
► From Keynes’ fatal blunder to the true economic model
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#PointOfProof
Apr 11