Occasional Tweets: After 200+ years, economists still have no idea of the foundational concept of economics, i.e. profit

 

#LearnEcon

The 3-sector macro #ProfitLaw states Q≡(G−T)+(I−S)+Yd. The life formula of #Capitalism tells one that #Power has NOTHING to do with overall #Profit, only with the #Distribution between firms.

Profit and the collective failure of economistshttps://t.co/oXYgHM104f pic.twitter.com/FgSUS4QJeB

— E.K-H (@AXECorg) June 5, 2021

For details of the big picture see cross-references Profit/Distribution.

Note: Because the foundational concept of economics is false, all of the economics is false.