Economics is an institution and a science. Claudia Sahm gives a personal summary
of the toxic institutional culture, “We hurt economists from undergraduate
classrooms to offices at the White House. We drive away talent; we mistreat
those who stay; and we tolerate bad behavior.” So, economics is a failed
institution, “Burn it down”.
Being not a part of this institution, I am not
entitled to comment on it.
The all-decisive point about economics is not human
failure but scientific failure. Walrasianism, Keynesianism, Marxianism,
Austrianism, MMT, and Pluralism are materially/ formally inconsistent and
therefore scientifically worthless.#1
The blunder is, with regard to the subject
matter, at the axiomatic level and with regard to formal consistency at the
level of elementary algebra.
Microfoundations are false since 150+ years.
Macrofoundations are false since Keynes. Economists did not spot Keynes'
foundational blunder to this day.
THIS is the indelible disgrace of economics.#2
The mistreatment of students/colleagues is bad, the mistreatment of science is
worse. Institutional failure is bad, scientific failure is worse.
Egmont Kakarot-Handtke
* macromom
#1
Section Exemplary proof of the inconsistency of economics in Wikipedia, economics, scientific knowledge, or political agenda pushing?
#2 See
Ch. 13, The indelible scientific disgrace of economics, in Sovereign Economics, BoD
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