December 1, 2020
Clear thinking in economics: hahaha!
Comment on Tom Hickey on ‘Jude Murdoch and Steven Hail argue modern monetary theory offers desperately needed clear thinking and fresh ideas for our society and our democracy’
Well, economists need, first of all, clear thinking about how the economy works. To figure out how society or democracy works is NOT their business. Dabbling in sociology and political science is known as economics imperialism.#1
Economics imperialism has always been a bad joke because economists have not gotten the foundational concepts of their own discipline straight to this very day.#2, #3 In the interdisciplinary exchange, they have nothing of scientific value to offer.
Clear thinking is not the economists’ forte. MMTers are NO exception. Their foundational sectoral balances equation is false, proving that MMTers are too stupid for the elementary algebra that underlies macroeconomics.#4, #5, #6
Because the foundational concepts are ill-defined the analytical superstructure is scientifically worthless and because of this, economic policy guidance NEVER has had sound scientific foundations.#7 So, what economists in general, and MMTers in particular, are actually doing is brain-dead political agenda pushing.#8
Needless to emphasize that economists do not meet the high ethical standards of science. Steven Hail is an #EconBlocker like most MMTers.#9 EconBlockers violate the AEA Code of Professional Conduct.#10
Clear thinking arrives with inescapable logic at the conclusion: bury all this proto-scientific garbage and its authors at the darkest corner of the Flat-Earth-Cemetery.
#3 You know you are in the political Circus Maximus when economists talk about Democracy/Liberty/Freedom
#10 Code of Conduct
Related: 'Confused Confusers: How to Stop Thinking Like an Economist and Start Thinking Like a Scientist'.