Blog-Reference and Blog-Reference
Right policy depends on true theory. The reset of economic policy presupposes the reset of economic theory because the major approaches ― Walrasianism, Keynesianism, Marxianism, Austrianism, MMT ― are mutually contradictory, axiomatically false, materially/formally inconsistent and all got the foundational economic concept of profit wrong. Economics is a failed/fake/cargo-cult science to this day. The reset of economics requires a new set of axioms, i.e. the replacement of false Walrasian microfoundations and false Keynesian macrofoundations by true macrofoundations. Methodologically, this reset is called a Paradigm Shift. The FT is a bit late. The reset has already happened some time ago. See
► True macrofoundations: the reset of economics
For more details see:
► The real trouble with Capitalism: stupid/corrupt economists
► The dirty secret of Capitalism: Economists have NO idea how Capitalism works
► Economics: The greatest scientific fraud in modern times
► The only thing we can learn from economic models is what proto-scientific garbage looks like
► Macroeconomics: Economists are too stupid for science
► After 200+ years even economics becomes a science
► From false micro to true macro: the new economic Paradigm
► The new macroeconomic Paradigm
► The canonical macroeconomic model
► If it isn’t macro-axiomatized, it isn’t economics
Egmont Kakarot-Handtke
* Twitter, Laurie Mcfarlane, FT, The times they are a changin’
and campaign The Financial Times “The new agenda” by The Brooklyn Brothers
Related 'No future for Socialism and Capitalism' and 'Who is really a scientist?' and 'Profit and the Private-Property-Irrelevance Theorem' and 'MMTers make Capitalism work' and 'Economics: failure, fake, fraud' and 'Show first your economic axioms or get out of the discussion'.
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REPLY to S400 on Sep 22You say: “State planning in China. Seem to work much better than the USAs planning.”
The USA needs no planning because MMTers keep Capitalism going with deficit-spending/money-creation.
► MMTers make Capitalism work
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Wikimedia AXEC121f
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#PointOfProof
Sep 20