Occasional Tweets: The MMTers are running out of arguments

 

MMT is refuted ― end of storyhttps://t.co/fz3QlGfMiz

MMT has been conclusively refuted and MMTers can do NOTHING about ithttps://t.co/jM3JFoLOoA

→ cross-references #MMThttps://t.co/ZOsRheXlJW pic.twitter.com/nZqN1Eg89L

— E.K-H (@AXECorg) November 30, 2021

Occasional Tweets: Schizophrenia ― the main representative of MMT complains about the smashing success of their policy

 

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, the #MMT policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy and to the detriment of #WeThePeople.

MMT works just fine (for the Oligarchy)https://t.co/J7ThjKM5fF pic.twitter.com/SLGSvYxfMD

— E.K-H (@AXECorg) November 30, 2021

For more about distribution see AXECorg.

For the full-spectrum refutation of MMT see cross-references MMT.

Occasional Tweets: The Classics in Economics were not scientists but political agenda pushers

 

#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are mutually contradictory, axiomatically false, materially/formally inconsistent. The analytical superstructure of #Economics is scientifically worthless. pic.twitter.com/luFLavX8Qw

— E.K-H (@AXECorg) November 30, 2021

For more about cargo cult see AXECorg. 

Occasional Tweets: Dear idiots, learn algebra

 

#DearIdiots#LearnAlgebra

‘Saving without s at the end is the flow.’ NO! Saving is a #Balance i.e. the difference of flows i.e. S≡Yw−C. And #Profit is the balance of the business sector i.e. Q≡C−Yw. This yields the basic #AccountingIdentity Q≡−S. ⇒https://t.co/Vgj0ZK5gl3 pic.twitter.com/ldH8jfLXhf

— E.K-H (@AXECorg) November 30, 2021

For more about I=S see AXECquery. 

Occasional Tweets: Economists ― dim-witted moralizers since the founding fathers

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

The history of economic thought is the history of scientific failure.

The profit theory is false since Adam Smithhttps://t.co/s3zlXjwArK pic.twitter.com/C3tZTSd456

— E.K-H (@AXECorg) November 29, 2021

For more about science see AXECquery. 

*

Occasional Tweets: To this day, economists do not know the difference between opinion and knowledge

 

“There are always many different opinions and conventions concerning any one problem or subject-matter. This shows that they are not all true. For if they conflict, then at best only one of them can be true.” #Science is NOT about opinion but #Knowledge ⇒https://t.co/DH0Mw4sQER pic.twitter.com/TBwIP52ba6

— E.K-H (@AXECorg) November 29, 2021

Occasional Tweets: The economist

 

The history of economic thought is the history of scientific failure. #Economics is #FailedScience/#FakeScience. The representative #Economist is NOT a #Scientist but a #StandUpComedien in the #DisInfoTainment business.

→ #Economistshttps://t.co/EEHiabzomh pic.twitter.com/8J2UoFTN4m

— E.K-H (@AXECorg) November 28, 2021

Related 'Economics, methodology, morals ― a creepy freak-show'. 

Occasional Tweets: The fatal flaw

 

#Econ#FailedScience#FakeScience

The fatal flaw of #Economics is that the representative #Economist is too stupid for elementary #Algebra.

Macroeconomics: Economists are too stupid for sciencehttps://t.co/vTNWwrNUxA pic.twitter.com/D3lfOegvoE

— E.K-H (@AXECorg) November 27, 2021

For details of the big picture see cross-references Failed/Fake Scientists and cross-references The Representative Economist and cross-references Math/Mathiness. 

Occasional Tweets: Economic textbooks ― pulp science

 

#Economics#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are mutually contradictory, axiomatically false, and materially/formally inconsistent.

To this day‡, economists have produced NOT ONE textbook that satisfies scientific standardshttps://t.co/Gw6Qa1CKtI pic.twitter.com/NR6pMV7oJD

— E.K-H (@AXECorg) November 26, 2021

For details of the big picture see cross-references Econ 101/Old Curriculum/New Curriculum.

Occasional Tweets: What killed macroeconomics? Economists?

 

#Economics

The history of economic thought is the history of scientific failure. #Economists are too stupid for the elementary #Algebra that underlies #MacroEconomics. Thus, they get the foundational concept of macroeconomic #Profit wrong.⇒https://t.co/vTNWwrNUxA pic.twitter.com/gEFPtrNEJg

— E.K-H (@AXECorg) November 25, 2021

Occasional Tweets: The futile attempt to recycle Bastiat

 

“Admired by sympathizers, reviled by opponents, his name might have gone down to posterity as the most brilliant economic journalist who ever lived.” For Schumpeter, “journalist” translates into “brain-dead blatherer” or “scientific zero.”

— E.K-H (@AXECorg) November 25, 2021

For details of the big picture cross-references Political Economics/Stupidity/Corruption.

***

Screenshot from Schumpeter's History of Economic Analysis

Occasional Tweets: Saving equals investment ― the methodological suicide of economics

 

#DearIdiots#LearnEconomics

Not only Hayek but Kahn, too, got #MacroEconomics wrong. Saving NEVER equals investment. The correct relationship reads Q≡I−S with Q as macroeconomic #Profit.

I=S: Mark of the Incompetenthttps://t.co/GOhsnvz4Dh pic.twitter.com/XRlOUBElp4

— E.K-H (@AXECorg) November 24, 2021

For details of the big picture see cross-references Refutation of I=S.

Occasional Tweets: Wage inflation, price inflation, and employment

 

#DearIdiots#LearnEconomics

The axiomatically correct macroeconomic #EmploymentLaw tells one that wage rate inflation is GOOD for employment and price inflation is BAD.

Full employment, the Phillips Curve, and the end of Gaganomicshttps://t.co/PzNBprxkBN pic.twitter.com/KtNuawevL3

— E.K-H (@AXECorg) November 24, 2021

For details of the big picture see cross-references Employment/Phillips Curve. 

Occasional Tweets: The futile attempt to recycle homo eeconomicus (I)

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

Homo oeconomicus: the never-ending folk-psychological shitshowhttps://t.co/QCJtT0MEFh

— E.K-H (@AXECorg) November 24, 2021

For more about homo oeconomics see AXECquery. 

Occasional Tweets: Success! Success! For whom?

 

#Economics#SuccessStory

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. Thus, the policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Bigger is better, exploding #Debt is best. Trillionaires say thank you, @POTUS! pic.twitter.com/DaQgEThmKt

— E.K-H (@AXECorg) November 23, 2021

Occasional Tweets: MMT ― bad science, bad policy, bad people, but massive promotion

 

#MMT

Stephanie Kelton's Deficit Myth is scientifically refuted and proven to be political agenda-pushing for the #Oligarchy.

The page where Stephanie Kelton gets macroeconomics wrong https://t.co/CNFDkXM1Ki pic.twitter.com/B8OAoLuxpu

— E.K-H (@AXECorg) November 23, 2021

For more about MMT see AXECquery.

For more about Stephanie Kelton see AXECquery.

Occasional Tweets: Academic economics ― excellent at self-hype but too stupid for elementary algebra

 

The folks at Mason have not realized to this day that #Keynes messed up #MacroEconomics and that because of a fatal flaw in the conceptual foundations the analytical superstructure of #Economics as a whole is proto-scientific garbage. pic.twitter.com/syKgkLlXhB

— E.K-H (@AXECorg) November 22, 2021

Related 'Wikipedia, economics, scientific knowledge, or political agenda pushing?' 

Occasional Tweets: Economists do not know how the economy works but they can tell you so much about the art of living

 

#Economics#FailedScience#FakeScience

Isn't it curious that #Economists are since the founding fathers in the 'Art of Living' business?

Circus Maximus: Economics as entertainment, personality gossip, virtue signaling, and lifestyle promotionhttps://t.co/lfrdSbV4gX pic.twitter.com/1Q5Peg3hz0

— E.K-H (@AXECorg) November 22, 2021

 

For details of the big picture see cross-references Political Economics/Stupidity/Corruption. 

Occasional Tweets: MMT ― trolling for the Oligarchy

 

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. If spending G goes to #Max and tax T goes to #Min, #Profit Q goes to #Max. #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy.

MMT works just fine (for …https://t.co/J7ThjKM5fF pic.twitter.com/kMLXyljIei

— E.K-H (@AXECorg) November 21, 2021

Occasional Tweets: Behavioral economics is long dead

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

Joan Robinson and the early death of Behavioral Economicshttps://t.co/LR3Xle1s3A pic.twitter.com/yIePuNdRpZ

— E.K-H (@AXECorg) November 21, 2021

For more about behavior see AXECquery. 

Occasional Tweets: The counterfeiter never runs out of money (II)

 

The counterfeiter is the maker of #Money and the taker of things. This is stealing from #Society. The policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy and #StealthTaxation for #WeThePeople.

Criminals and the monetary orderhttps://t.co/Iq1lVxePy1 pic.twitter.com/ByQP6Hy1ls

— E.K-H (@AXECorg) November 21, 2021

Occasional Tweets: Economics in the final stage of stupification

 

#Economics#FailedScience#FakeScience#DisInfoTainment#Economists are NOT #Scientists but political #AgendaPushers. #Economics is proto-scientific garbage for 200+ years. #EmojiEconomics is the final stage of #DumbingDown. pic.twitter.com/GE7ZHNzol3

— E.K-H (@AXECorg) November 21, 2021

For more about emoji economics see AXECquery. 

Occasional Tweets: Yeah, deficit-spending/money-creation works just fine for ...

 

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. If spending G goes to #Max and tax T goes to #Min, #Profit Q goes to #Max. #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy.⇒

MMT works just fine (for ...https://t.co/J7ThjKM5fF pic.twitter.com/S3dFKnpmGV

— E.K-H (@AXECorg) November 21, 2021

For more about MMT see AXECquery. 

Occasional Tweets: Scientifically, economic textbooks have always been worthless

 

#Economics#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are mutually contradictory, axiomatically false, and materially/formally inconsistent.

To this day‡, economists have produced NOT ONE textbook that satisfies scientific standardshttps://t.co/Gw6Qa1CKtI

— E.K-H (@AXECorg) November 20, 2021

For more about textbooks see AXECquery. 

Occasional Tweets: Marginalism is dead

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

The solemn burial of marginalismhttps://t.co/9MVsTvNma4

From #MacroFoundations follows that in the elementary case #RealWage equals #Productivity. pic.twitter.com/sw4pRTKJRP

— E.K-H (@AXECorg) November 20, 2021

Occasional Tweets: Economics looks like science but is not

 

#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are mutually contradictory, axiomatically false, materially/formally inconsistent. The analytical superstructure of economics is scientifically worthless. Key positions in academia have been hijacked by agenda pushers. pic.twitter.com/YKdGH0gRHH

— E.K-H (@AXECorg) November 19, 2021

For more about cargo cult science see AXECquery. 

Occasional Tweets: The futile attempt to recycle Milton Friedman (I)

 

#Economics

Friedman never understood how the profit- and price mechanism works. He never rose above the level of a useful political idiot.

Milton Friedman, fake scientisthttps://t.co/Cd3gu2jTGF

— E.K-H (@AXECorg) November 18, 2021

For more about Milton Friedman see AXECquery.

For details of the big picture see cross-references Political Economics/Stupidity/Corruption.

Occasional Tweets: Economics is not science, never was

 

#Economics is NOT #Science but #DisInfoTainment. #Economists are NOT #Scientists but #Clowns/#UsefulIdiots is the political #CircusMaximus.

Circus Maximus: Economics as entertainment, personality gossip, virtue signaling, and lifestyle promotionhttps://t.co/lfrdSbV4gX

— E.K-H (@AXECorg) November 18, 2021

Occasional Tweets: Economics is not science, economists are in the disinfotainment business

 

#Economics#FailedScience#FakeScience#DisInfoTainment

Economics is neither #Psychology nor #Sociology, it is the #Science about how the economic #System works. This #Economists have not figured out to this day.

PsySoc — the scourge of economicshttps://t.co/uqLfmGljZ0

— E.K-H (@AXECorg) November 17, 2021

For more about PsySoc see AXECquery.

For more about disinfotainment see AXECquery. 

Occasional Tweets: Economics is dead ― move on

 

#Economics#FailedScience#FakeScience#Reset

“The problem is not just to say that something might be wrong, but to replace it by something — and that is not so easy.” (Feynman)

Stop beating mainstream economics ― it is long deadhttps://t.co/NPakCxBhG6 pic.twitter.com/WX8x5ky5wC

— E.K-H (@AXECorg) November 16, 2021

For more about Steve Keen see AXECquery.

For more about Paradigm Shift see AXECquery.

For more about New Economic Thinking see AXECquery.

Occasional Tweets: The futile attempt to recycle Keynes (II)

 

The history of economic thought is the history of scientific failure. #Keynes messed up #MacroEconomics 80+ years ago because he was too stupid for elementary #Algebra.

In the grand scheme of things, Lord Keynes was only a small-time crookhttps://t.co/qD8aPg7TXv pic.twitter.com/B8oOBke1Pk

— E.K-H (@AXECorg) November 16, 2021

Occasional Tweets: How the economy works ― in simple terms

 

#HowTheEconomyWorks#SimpleTerms

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. Thus, the policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Bigger is better, exploding #PublicDebt is best. pic.twitter.com/FP1ltDMkdd

— E.K-H (@AXECorg) November 15, 2021

Occasional Tweets: Economics is fake science, economists are political agenda pushers

 

Gustav A. Horn, Professor für VWL, has not realized to this day that #Keynes messed up #MacroEconomics and that because of a fatal flaw in the conceptual foundations the analytical superstructure of #Economics as a whole is scientifically worthless. pic.twitter.com/uqWVBJBHvz

— E.K-H (@AXECorg) November 15, 2021

Occasional Tweets: The young generation of economists ― same as the old

 

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. The policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. The young generation of #Economists is NOT different from the old, i.e. these folks are stupid/corrupt #AgendaPushers pic.twitter.com/aiJrle89Xn

— E.K-H (@AXECorg) November 14, 2021

Related 'Keynes, Kalecki, MMT, and the accidental invention of the perpetual profit machine' and 'Keynes, Lerner, MMT, Trump, Biden, and exploding profit'.

For details of the big picture see cross-references Failed/Fake Scientists and cross-references Political Economics/Stupidity/Corruption and cross-references Profit/Distribution.

Occasional Tweets: The economist's self-description ― hallucination in overdrive

 

#Economists are too stupid for the elementary #Algebra of #MacroEconomics. For 200+ years, they get the foundational concept of #Profit wrong. They are NOT #Scientists but #Clowns/#UsefulIdiots in the political #CircusMaximus. Their incompetence/corruption is bad for #WeThePeople pic.twitter.com/jj8GKxctYG

— E.K-H (@AXECorg) November 14, 2021

Occasional Tweets: That 17 Nobelists support Biden tells one that economists are not scientists but clowns in the political Circus Maximus

 

#Economists are too stupid for the elementary #Algebra that underlies #MacroEconomics. For 200+ years, they get the foundational concept of #Profit wrong. Yet, the Swedish #RiksBank awards each year a prize in “economic sciences”.

→ referenceshttps://t.co/ExJf3VErgZ pic.twitter.com/l8YPtukqS0

— E.K-H (@AXECorg) November 13, 2021

For details of the big picture see cross-references Political Economics/Stupidity/Corruption. 

Occasional Tweets: Yes, Bernie Sanders, it's rigged

 

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. If spending G goes to #Max and tax T goes to #Min, #Profit Q goes to #Maximum. #MMT policy is a #FreeLunch for the #Oligarchy. Stephanie Kelton is academic fraud. pic.twitter.com/SXqONdrvMd

— E.K-H (@AXECorg) November 13, 2021

Academia, too, is rigged

• The page where Stephanie Kelton gets macroeconomics wrong
• Stephanie Kelton’s legendary Plain-Sight-Ink-Trick
• Down with idiocy!
• The MMT fraud in slow motion, so that even economists can get it
• Proving Bill Mitchell wrong ― burying MMT for good
• Refuting MMT’s Macroeconomics Textbook
• Political fraud and the silence of academia
• MMT is an economic policy fraud
• MMT: fraudsters united
• MMT: The new Center of the Universe of political fraud
• A less than 320 words explanation of why MMT is a fraud
• Macro ignorance: Why Simon Wren-Lewis does not come to grips with the plain MMT-fraud
• Economics: The greatest scientific fraud in modern times
• MMT is an economic policy fraud
• MMT’s virtue-signaling distracts from failure/fraud
• MMT: From science to agenda-pushing to story-telling to fraud
• MMT: Not a joke but a fraud
• Deficit-spending, public debt, and macroeconomic profit/loss
• On the saying “We owe the debt to ourselves”
• Warren Mosler: scientific dilettante and political fraudster
• MMT is NOT bold policy but spineless fraud
• #PublicDeficitIsPrivateProfit #MMT #JustAnotherFraud
• The Magic Money Tree is real ― too bad that the magic is a fraud
• MMT: How mathematical incompetence helps the Kelton-Fraud
• The Kelton-Fraud
• Wikipedia and the promotion of economists’ idiotism (I)
• Wikipedia and the promotion of economists’ idiotism (II)
• Rectification of MMT macro accounting
• The state of MMT? Stone-dead!
• MMTers: too stupid for simple math
• MMT and the magical profit disappearance
• MMT: The one deadly error/fraud of Warren Mosler
• Macroeconomics and the fake History of Economic Thought
• Wikipedia, economics, scientific knowledge, or political agenda pushing?
• Where MMT goes wrong
• The sense of economics is agenda-pushing for the Oligarchy
• Thank you for the earnings rally, Mr. President

Occasional Tweets: Inequality

 

#Inequality

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. Thus, the policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Bigger is better, exploding #Debt is best. Trillionaires say thank you, @POTUS! pic.twitter.com/VzF1dSLBdp

— E.K-H (@AXECorg) November 12, 2021

Inequality

• COV, climate, deficit ― what drives inequality?
• Economists’ periodically recurring crocodile tears about inequality
• Why economists always seem to lose the fight against inequality
• Inequality: Market failure or theory failure?
• Inequality, wage and profit
• How Keynesians, Lernerians, MMTers make the Oligarchy great

Occasional Tweets: The inevitable breakdown of Communism/Capitalism has nothing to do with calculation/coordination

 

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies that the greater part of macro #Profit is produced by public #DeficitSpendingMoneyCreation. The working of the so-called #FreeMarketEconomy is entirely dependent on the state's profit generation. ⇒https://t.co/ATzyx3Cwnt pic.twitter.com/gY4jIYTmCU

— E.K-H (@AXECorg) November 12, 2021

For more about breakdown see AXECquery.

Related 'Just one more day: How deficit spending delays the breakdown of Capitalism'

Occasional Tweets: Economics and the foul rhetoric of happiness

 

“What’s the difference between #happiness and #morality?” is NOT a question for #Economics. What’s the difference between #Profit and #Income? is the key question of economics. To this day, #Economists don't get their foundational concepts right.⇒https://t.co/yvFW9DOjJn pic.twitter.com/NdMFhVM6jc

— E.K-H (@AXECorg) November 12, 2021

For more about profit see AXECquery. 

Occasional Tweets: The foul spirit of political economics (I)

 

The 3-sector #ProfitLaw Q≡(G−T)+(I−S) implies #PublicDeficitIsPrivateProfit. If tax T goes to #Min and spending G goes to #Max, #Profit Q goes to Max. The current policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy and to the detriment of #WeThePeople. pic.twitter.com/M1bBS48x8Q

— E.K-H (@AXECorg) November 11, 2021

For more about math see AXECquery.

For more about ethics see AXECquery.

The sense of economics is agenda-pushing for the Oligarchy

Comment on Lars Syll on ‘Making sense of economics’

Blog-Reference

We know that economics has a science problem. The history of economic thought is the history of scientific failure. 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. To this day, economists are NOT scientists but clowns/useful idiots in the political Circus Maximus.

Economics: failure, fake, fraud

Egmont Kakarot-Handtke

Occasional Tweets: Economics as folk psychology

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

Oh, this breathtaking wisdom of #Economists: loss is bad and profit is good for the sentiment of businessmen.

Psychologism: how morons explain the worldhttps://t.co/yEMuHGME3V

— E.K-H (@AXECorg) November 10, 2021

For more about PsySoc see AXECquery. 

Occasional Tweets: Economics has a science problem

 

We know that #Economics has a #Science problem. The history of economic thought is the history of scientific failure. To this day, #Economists are NOT #Scientists but #Clowns/#UsefulIdiots in the political #CircusMaximus.

Economics: failure, fake, fraudhttps://t.co/5Eq84tFODE pic.twitter.com/OfkWodtiMV

— E.K-H (@AXECorg) November 10, 2021

For more about science see AXECquery. 

Occasional Tweets: COV, climate, deficit ― what drives inequality?

 

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. The policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Nothing produces more #Inequality.

Deficit cheerleaders ― the Oligarchy’s useful idiotshttps://t.co/XX5wLu3cSJ pic.twitter.com/RrXUyrp8k5

— E.K-H (@AXECorg) November 10, 2021

For more about distribution see AXECquery. 

Occasional Tweets: Cross-over exploitation and internal class struggle

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

To this day, economists do NOT understand the concepts of #Profit, #CrossOverExploitation, and #Class.

Capitalism, poverty, exploitation, and cross-over exploitationhttps://t.co/eoT7bMyStZ

— E.K-H (@AXECorg) November 9, 2021

For more about class see AXECquery,

For more about cross-over exploitation see AXECquery.

Occasional Tweets: It is not Capitalists who produce profit but the State

 

#LearnEconomics

The 3-sector #ProfitLaw Q≡(G−T)+(I−S) implies #PublicDeficitIsPrivateProfit. Thus, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Growing #PublicDebt is the life elixir of #Capitalism. pic.twitter.com/plSjqY8Jn3

— E.K-H (@AXECorg) November 9, 2021

For more about profit see AXECquery. 

Occasional Tweets: Some folks are still stuck with Austrianism

 

#Economics

“The ultimate source from which entrepreneurial profit and losses are derived is the uncertainty of the future constellation of demand and supply.” (v.Mises) Absolutely false. The 3-sector #ProfitLaw reads Q≡(G−T)+(I−S)+Yd. Austrianism is proto-scientific garbage.

— E.K-H (@AXECorg) November 8, 2021

For more about Profit see AXECquery.

For more about Austrianism see AXECquery. 

Occasional Tweets: Some folks are still stuck with Keynes

 

#Economics#FailedScience#FakeScience#Keynes messed up #MacroEconomics because he was too stupid for elementary #Algebra. The General Theory is proto-scientific garbage.

Forget Keyneshttps://t.co/T6Y8aFo72J pic.twitter.com/XioQE35YLk

— E.K-H (@AXECorg) November 8, 2021

For details of the big picture see cross-references Keynesianism. 

Occasional Tweets: Some folks are still stuck with the rational expectation equilibrium

 

#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are mutually contradictory, axiomatically false, materially/formally inconsistent. #Economists are too stupid for the #Algebra of #MacroFoundations. So the whole analytical superstructure is scientifically worthless. pic.twitter.com/NbDkWpOiod

— E.K-H (@AXECorg) November 8, 2021

For more about microfoundations see AXECquery.

For more about macrofoundations see AXECquery.  

Occasional Tweets: Economics after 200+ years ― a pile of proto-scientific garbage

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

The history of economic thought is the history of scientific failure.

Austrianism ― axiomatically falsehttps://t.co/luMh1CLitk pic.twitter.com/9JyA0Vt5Rt

— E.K-H (@AXECorg) November 7, 2021

For more about Austrianism see AXECquery. 

Where MMT goes wrong

Comment on Bill Mitchell on ‘MMT economists do not seek to enumerate how many angels can dance on the head of a pin’

Blog-Reference

Bill Mitchell characterizes the New Keynesian paradigm: “The summary point … is that the mainstream macroeconomics paradigm claim they are rigourous because they begin with a set of first principles based on stylised assumptions of human behaviour that no psychologist or sociologist would recognise. These assumptions about rationality and maximising strategies, individually pursued (devoid of social influence) are mathematically specified to allow a ‘solution’.”

Bill Mitchell then shows in detail that New Keynesianism is proto-scientific garbage: “One of the major issues with this approach is that it is inherently dishonest ― persuading us that it is scientific and worthy of authority yet being so compromised as to be worthless.”

So, clearly, there is no use in criticizing mainstream economics for the umpteenth time. The task is, as Joan Robinson put it: “Scrap the lot and start again”. This is what Bill Mitchell does: “Modern Monetary Theory (MMT) economists are clearly developing a new paradigm, which we believe is incommensurate with the old New Keynesian approach.” and “It is not an imaginary approach that deals with imaginary problems. It is about the real world and starts with some basic macroeconomic principles like ― spending equals income.”

Now, this was also Keynes' macroeconomic starting point and it is provably false. To recall: “Income = value of output = consumption + investment. Saving = income − consumption. Therefore saving = investment.” (GT, 1973, p. 63)

Both Keynes and MMTers got the foundational concepts wrong and from this follows that the whole theoretical superstructure is false and from this follows that Keynesian and MMT policy prescriptions have NO sound scientific foundations.

Macroeconomics has to be based on a set of objective and consistent axioms:

(A0) The objectively given and most elementary systemic configuration of the economy consists of the household sector and the business sector which in turn consists initially of one giant fully integrated firm.

(A1) Yw=WL wage income Yw is equal to wage rate W times working hours. L,

(A2) O=RL output O is equal to productivity R times working hours L,

(A3) C=PX consumption expenditure C is equal to price P times quantity bought/sold X.

The price P follows as the dependent variable under the conditions of budget-balancing, i.e. C=Yw, and market-clearing, i.e. X=O, as P=W/R, i.e. the market-clearing price is for a start equal to unit wage costs. This is the most elementary form of the macroeconomic Law of Supply and Demand.

By lifting the condition of budget-balancing (i.e. spending equals income) one gets the saving/dissaving of the household sector as S≡Yw−C and the profit/loss of the business sector as Q≡C−Yw. S and Q are the balances of two flows. It holds Q≡−S, that is, the profit of the business sector is equal to dissaving/deficit-spending of the household sector and loss of the business sector is equal to saving of the household sector. This is the most elementary form of the macroeconomic Profit Law.

Profit Q is a balance, i.e. the difference of flows, and NOT a flow like wage income Yw. So, profit is NOT income. The Flow-Balance Inconsistency makes the whole of established economics proto-scientific garbage.

It is inadmissible to speak of profit/loss as a type of income. This blunder carries over to the concept of National Income and thus ruins National Accounting and the concept of GDP.#1

Because the foundational concepts of macroeconomics ― profit and income ― are ill-defined, the whole analytical superstructure is provably false. Economics is a failed science for 200+ years. MMT is no exception.

Egmont Kakarot-Handtke

#1 The GDP-death-blow for the economics profession

***

Wikimedia AXEC172

Occasional Tweets: Chicago boys never had any idea how the economy works

 

#Economics#FailedeScience#FakeScience

The history of economic thought is the history of scientific failure.

The profit theory is false since Adam Smithhttps://t.co/s3zlXjwArK#Economists are too stupid for the elementary #Algebra of #MacroFoundations. pic.twitter.com/NrjBWxtL7o

— E.K-H (@AXECorg) November 4, 2021

For more about microfoundations see AXECquery.

For more about macrofoundations see AXECquery.

Occasional Tweets: Thank you for the earnings rally, Mr. President

 

#LearnEconomics

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. Thus, the policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Bigger is better, exploding #Debt is best. Trillionaires say thank you, Prez Biden. pic.twitter.com/7AVSKq9mUF

— E.K-H (@AXECorg) November 3, 2021

For more about Public Deficit = Private Profit see AXECorg. 

Occasional Tweets: Oeconomica ancilla oligarchiae est ― how the university lost science

 

#OeconomicaAncillaOligarchiaeEst

With regard to #Economics. the #University is NOT “the institution that … shapes our conception of worthwhile knowledge” but the #DisInfoTainment department of the #Oligarchy. ⇒https://t.co/aYz5O913mR pic.twitter.com/bpRyaeiLwt

— E.K-H (@AXECorg) November 3, 2021

#Economics is failed/fake science and #Philosophy has no scientific content either:

Note on Amy Willis ‘Can majoring in philosophy make you a better person?’https://t.co/kVfwMCtl5I

It seems that the universities have been hijacked by imbeciles. pic.twitter.com/A5Xt1eHRCB

— E.K-H (@AXECorg) November 3, 2021

For more about academia see AXECquery.  

 

Occasional Tweets: Supply-demand-equilibrium ― the economist's main contribution to the pile of proto-scientific garbage

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

Bang — the representative economist and supply-demand-equilibrium are deadhttps://t.co/aNBIV3Tq92

— E.K-H (@AXECorg) November 2, 2021

For more about supply-demand-equilibrium see AXECquery. 

Occasional Tweets: What is economics? (II)

 

Some folks claim that #Economics is #Science (Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel). This is plain fraud. Econlib delivers the unassailable proof that #Economists are actually in the #DisInfoTainment business. pic.twitter.com/ZLLA47ZzNa

— E.K-H (@AXECorg) November 2, 2021

Related 'Circus Maximus: Economics as entertainment, personality gossip, virtue signaling, and lifestyle promotion' 

Occasional Tweets: Economists as peddlers of life philosophy

 

#Econ

Scientifically, #Economics is #FailedScience/#FakeScience. Politically, it is just #DisInfoTainment. For 200+ years, #Economists are #Clowns/#AgendaPushers/#UsefulIdiots in the political #CircusMaximus. pic.twitter.com/q56m9BsHHR

— E.K-H (@AXECorg) November 2, 2021

Related 'Circus Maximus: Economics as entertainment, personality gossip, virtue signaling, and lifestyle promotion' 

Occasional Tweets: Taxpayer money and stealth taxation

 

The #MMT policy of #DeficitSpendingMoneyCreation amounts to #StealthTaxation of #WeThePeople and a #FreeLunch for the #Oligarchy. This follows from the macroeconomic #ProfitLaw.

Q: How are you going to pay for it? MMT: By stealth taxation!https://t.co/EJwqgom77G pic.twitter.com/Jahude7quE

— E.K-H (@AXECorg) November 1, 2021

Related 'No MMT illusions! YOU are going to pay for it'

For more about stealth taxation see AXECquery.