May 5, 2021
Economists’ periodically recurring crocodile tears about inequality
Comment on Brad DeLong on ‘RHETORICAL QUESTION: Why Do Economists Ignore the Greatest of All Market Failures?’
Distribution is the greatest of all theory failures.
Economics is failed/fake science for 200+ years. Walrasianism, Keynesianism, Marxianism, Austrianism, MMT are mutually contradictory, axiomatically false, materially/formally inconsistent, and all got profit wrong. Because the foundational economic concept of profit is false the whole analytical superstructure is false. Economics is scientifically worthless.
Deficit-spending/money-creation is the cause of the extreme inequality of income and wealth. The 3-sector Profit Law Q≡(G−T)+(I−S)+Yd implies Public Deficit = Private Profit. Private financial wealth of the Oligarchy grows in lockstep with the public debt of WeThePeople. Public debt, in turn, is the interest cash cow that produces perpetual income which is taxed by the IRS from WeThePeople on behalf of the Oligarchy.
The Oligarchy, in turn, uses the opulent free lunches to corrupt what remains of the state’s legislative, executive, judiciary institutions. Ultimately, it is scientifically incompetent economists who work ― intentionally or unintentionally does NOT matter ― for the growing inequality of income/wealth. Only stupid/corrupt economists rhetorically wonder about the inequality of income/wealth.#1-#3