Occasional Tweets: Happiness and liberty ― economics as fake philantropy

 

#Economics is NOT about the “flourishing of human beings” but about how the economic #System works. What is #Profit? is the key question of economics. Bc they are too stupid for elementary #Algebra #Economists NEVER got their foundational concept right.⇒https://t.co/yvFW9DOjJn pic.twitter.com/ZY1kczDGKz

— E.K-H (@AXECorg) December 31, 2021

Occasional Tweets: There is no scientific authority in economics

 

#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are mutually contradictory, axiomatically false, and materially/formally inconsistent. #Economists are too stupid for #Science. There is NO scientific authority in #Economics. pic.twitter.com/RMaBIog3d5

— E.K-H (@AXECorg) December 30, 2021

Occasional Tweets: Silly economics is over

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

The silly behavioral #MicroFoundations have to be replaced by objective #MacroFoundations. This is known as #ParadigmShift

From false micro to true macro: the new economic Paradigmhttps://t.co/Kquzb9AvrF pic.twitter.com/IbBTST2kGJ

— E.K-H (@AXECorg) December 29, 2021

For more about paradigm see AXECquery. 

Occasional Tweets: Economics ― get your free online proto-scientific garbage from top universities

 

#FailedScience#FlowBalanceInconsistency#Economists (Stanford, Yale, MIT, Harvard, Berkeley, etc) are too stupid for the elementary #Algebra that underlies #MacroEconomics. Bc of this, they get the foundational concepts #Profit and #Income wrong. ⇒https://t.co/QJycQUh0Uj

— E.K-H (@AXECorg) December 28, 2021

For more about academia see AXECquery. 

Occasional Tweets: Again and again ― the "profit is part of income" idiocy

 

Since Adam Smith economists get the foundational economic concepts #Profit and #Income wrong. Note that income is a #Flow and profit is a #Balance and #Economists are too stupid to understand the categorical difference.⇒https://t.co/mGL31nniSI pic.twitter.com/EeXTj25HKd

— E.K-H (@AXECorg) December 28, 2021

Related 'Profit, income, and the Humpty Dumpty Fallacy'.

For more about share of income see AXECquery.

Occasional Tweets: How Wall Street became the social/progressive champion of WeThePeople

 

With #MMT, #WallStreet has found a way to endorse full employment, healthcare, etc, and to increase macroeconomic #Profit. It holds #PublicDeficitIsPrivateProfit. For #MacroProfit it does NOT matter how the spending is allocated.⇒https://t.co/wnoSHfsmZF pic.twitter.com/6HIAIl37va

— E.K-H (@AXECorg) December 28, 2021

For more about Wall Street see AXECquery.

For more about Warren Mosler see AXECquery. 

Occasional Tweets: MMT is not science but brain-dead political agenda-pushing

 

#MMT policy has NO valid scientific foundations. 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

— E.K-H (@AXECorg) December 26, 2021

***

Twitter Dec 27, 2021 "MMT is not a policy" and other schizophrenic MMT claims

Related 'Totally schizo ― MMT and policy'

For more about MMT as a scientific lens see AXECquery.

Occasional Tweets: Economics ― the future is now

 

Millennia from now, the century 1850-1950 will be remembered for the scientific failure of #Economics. #Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are mutually contradictory, axiomatically false, and materially/formally inconsistent. pic.twitter.com/X54Ah0asku

— E.K-H (@AXECorg) December 25, 2021

Occasional Tweets: 0.1% of "criticisms of economists from non-economists are completely stupid and wrong"

 

#Economics#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are mutually contradictory, axiomatically false, and materially/formally inconsistent. #Economists are too stupid for #Science. The history of economic thought is the history of scientific failure. pic.twitter.com/RvFjFbAz2a

— E.K-H (@AXECorg) December 25, 2021

 

Related 'How the intelligent non-economist can refute every economist hands down'

Occasional Tweets: 200+ years of scientific incompetence ― economists still miss the point of substance

 

#FailedScience#Economics is about how the #Economy works and NOT about “rules that govern how we choose rules”. Because they are too stupid for #Science, #Economists fail at their proper task to this very day.

How Adam Smith messed up economicshttps://t.co/QD7kIXA3VP pic.twitter.com/jslH26urwX

— E.K-H (@AXECorg) December 25, 2021

Occasional Tweets: All the Oligarchy's men

 

#HowTheSystemWorks

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. Thus, #DeficitSpendingMoneyCreation secures the permanent self-alimentation of the #Oligarchy. Growing #PublicDebt produces #Profit/#Interest which is used for #StateCapture. pic.twitter.com/QlY1PebyJ4

— E.K-H (@AXECorg) December 23, 2021

***

Twitter Dec 24, 2021 In order to bring down public debt one needs a budget surplus ― except for Messrs Macron/Draghi who can do it with more budget deficits

Occasional Tweets: Paradigm Shift ― advancing economics from political blather to science

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth#Reset

From false micro to true macro: the new economic Paradigmhttps://t.co/Kquzb9AvrF pic.twitter.com/Hn0D7kxFSD

— E.K-H (@AXECorg) December 23, 2021

For details of the big picture see cross-references Paradigm Shift.

For more about Diane Coyle see AXECquery. 

Occasional Tweets: MMT ― not a noble cause

 

#MMT is NOT a noble cause. The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, the #MMT policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy.

MMT works just fine (for the Oligarchy)https://t.co/J7ThjKM5fF pic.twitter.com/LvzZpWJSA1

— E.K-H (@AXECorg) December 23, 2021

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

Occasional Tweets: Get a life, MMTers!

 

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

— E.K-H (@AXECorg) December 22, 2021

For more about refutation see AXECquery.

For more about Warren Mosler see AXECquery. 

Occasional Tweets: Economics ― the USA/GER axis of idiocy

 

#Economics#FailedScience#FakeScience

Achim Truger in his ketchup delirium is unable to realize that Paul Krugman's pointless blather about #Inflation is the unassailable proof of academic degeneracy.

Links on Paul Krugman, proto-scientific impresariohttps://t.co/RRYQuNSgTU

— E.K-H (@AXECorg) December 21, 2021

Occasional Tweets: Where does profit ultimately come from?

 

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. If tax T goes to #Min and spending G goes to #Max, macroeconomic #Profit Q goes to #Maximum.

Deficit cheerleaders ― the Oligarchy’s useful idiotshttps://t.co/XX5wLu3cSJ pic.twitter.com/r9uJD095Gi

— E.K-H (@AXECorg) December 21, 2021

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

Occasional Tweets: Agenda pushers since the founding fathers

 

#Economics#FailedScience#FakeScience

Academic #Economists are not #Scientists but #UsefulIdiots/#AgendaPushers for the #Oligarchy. Yesterday it was the University of Chicago, today it's Stony Brook University.

Links on MMTers push Wall Street’s agendahttps://t.co/zJbSbt268W

— E.K-H (@AXECorg) December 21, 2021

Occasional Tweets: Economics ― who funds whom?

 

#HowEconomicsWorks

Philippa Sigl-Glöckner [SPD München-Nord] [Dezernat Zukunft] funds Philipp Heimberger et al. with € 487.600 and Fiscal Future with € 517.500 and Plurale Ökonomik with € 127.900. Who funds Philippa? pic.twitter.com/ibpypcfiUV

— E.K-H (@AXECorg) December 20, 2021

Occasional Tweets: The end of inflation waffling

 

#DearIdiots

Below is the axiomatically correct macroeconomic #LawOfSupplyAndDemand. It tells you that neither #Expectations nor the #QuantityOfMoney is among the #Price determinants.#StopWaffling pic.twitter.com/R7u36PF4Vt

— E.K-H (@AXECorg) December 19, 2021

Occasional Tweets: How macroeconomics went wrong

 

The history of economic thought is the history of scientific failure. Both, the Stockholm School and #Keynes were too stupid for elementary #Algebra and messed up #MacroEconomics. pic.twitter.com/AkZySxhUva

— E.K-H (@AXECorg) December 18, 2021

For more about macrofoundations see AXECquery. 

Occasional Tweets: Economists do not serve their fellow citizens

 

He who is unfit for #Science becomes an #Economist. #Economists are #Clowns/ #UsefulIdiots/ #AgendaPushers in the political #CircusMaximus and a hazard to their fellow citizens.

→ #Econogenicshttps://t.co/zr0XRorAtq pic.twitter.com/bWZoCcriZA

— E.K-H (@AXECorg) December 17, 2021

Occasional Tweets: There is much confusion about democracy and oligarchy

 

The correct term for the political system you care about is #Oligarchy and NOT #Democracy. The macroeconomic #ProfitLaw implies #PublicDeficitIsPrivateProfit. Thus, #DeficitSpendingMoneyCreation i.e. a growing #PublicDebt secures the permanent self-alimentation of the #Oligarchy. pic.twitter.com/ICv6JCxaUS

— E.K-H (@AXECorg) December 17, 2021

Occasional Tweets: Greed does not produce profit

 

#Greed does NOT produce #Profit. The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. So, the #MMT policy of #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy.

MMT works just fine (for the Oligarchy)https://t.co/J7ThjKM5fF pic.twitter.com/RPXvtOKTm7

— E.K-H (@AXECorg) December 17, 2021

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

Occasional Tweets: Economists even abuse Christmas (II)

 

#Economics#FailedScience#FakeScience#Economist#StupidOrCorruptOrBoth

Nobody needs more than this #Christmas Special to realize that #Economics has always been proto-scientific garbage and #DisInfoTainment.

How Adam Smith messed up economicshttps://t.co/QD7kIXA3VP pic.twitter.com/yHVBt99aZl

— E.K-H (@AXECorg) December 16, 2021

Occasional Tweets: Economists are still behind the curve

 

#Economics is about how the economic #System works. Everything else is #DisInfoTainment.

Economics is NOT a social sciencehttps://t.co/zJHeQboYGH

and NOT a science of behaviorhttps://t.co/MzGiF9gpXa

How Adam Smith messed up economicshttps://t.co/QD7kIXA3VP pic.twitter.com/A7Mj9vYeA2

— E.K-H (@AXECorg) December 15, 2021

Occasional Tweets: The futile attempt to recycle Kalecki (I)

 

Swedish economists, Keynes, Kalecki, etc. ― ALL got #MacroFoundations/#Profit wrong.

Kalecki and Keynes: The double macroeconomic false starthttps://t.co/NVpmqGFy1m

The Levy/Kalecki Profit Equation is falsehttps://t.co/cTbCmCsiI7

— E.K-H (@AXECorg) December 14, 2021

For more about Kalecki see AXECquery. 

Occasional Tweets: The soul of macroeconomics

 

The history of economic thought is the history of scientific failure. The feeble soul of old #MacroEconomics withered away, the new soul is incarnated in structural #MacroFoundations.

Rethinking macroeconomicshttps://t.co/TtMQ4hF1wP pic.twitter.com/BOhfwnMnlM

— E.K-H (@AXECorg) December 13, 2021

For more about methodology see AXECquery. 

How Adam Smith messed up economics

Comment on Ken Zimmerman on 'Adam Smith’s idea is still the basis of the discipline of economics'

Blog-Reference

The history of economic thought is the history of scientific failure. The major approaches ― Walrasianism, Keynesianism, Marxianism, Austrianism, MMT ― are mutually contradictory, axiomatically false, and materially/formally inconsistent. Because of this, the whole analytical superstructure of economics is scientifically worthless. Because of this, economic policy guidance NEVER has had sound scientific foundations.

Now, the problem is this: “In order to tell the politicians and practitioners something about causes and best means, the economist needs the true theory or else he has not much more to offer than educated common sense or his personal opinion.” (Stigum)

Because economists do not have the true theory, economics boils down to brain-dead agenda-pushing. Economists are not scientists but clowns, useful idiots, and agenda pushers in the political Circus Maximus. Economics is proto-scientific garbage and because of their scientific incompetence, economists are a hazard to their fellow citizens.#1

The mental misery can be traced back to Adam Smith: “Smith … disliked whatever went beyond plain common sense. He never moved above the heads of even the dullest readers. He led them on gently, encouraging them by trivialities and homely observations, making them feel comfortable all along.” (Schumpeter)

Or, as Ken Zimmerman spins it: “The real start of modern Western economics as a discipline is usually traced to Adam Smith (1723–1790). Beginning as a moral philosopher concerned with human motives, Smith later wrote The Wealth of Nations in 1776 as a series of lectures on public policy. The task he set for himself was that of a natural scientist, to discover the workings of a vast machine ― the economy. From this philosophical foundation, Smith builds a powerful argument that the individual’s self-interest generates the society’s best interests. Beginning with a rational individual motivated by positive natural impulses, he undertakes a series of dramatic political attacks on monopolists, corrupt governments, tariffs promoted by strong business lobbyists, guilds, colonialists, and ‘the capricious ambitions of kings and ministers’ (1937, 460). Though based on self-interest, a well-working economy, he said, should not cater to the selfish interests of a small class or group. Instead, it furthers the wealth of the nation as a whole ― and it is not a great step from here to the idea of democracy, of rule ‘of, by, and for’ the people of the nation.”

“Beginning with a rational individual”, Adam Smith inaugurated methodological individualism and led the profession straight into the Fallacy of Composition. The fact of the matter is, that NO way leads from the second-guessing of Human Nature/motives/behavior/action to the understanding of how the economic system works.

What Adam Smith did was a mixture of psychology and sociology ― PsySoc for short#2 ― including moralizing and agenda-pushing but NOT economics proper. Economics is about the behavior of the economic system and NOT the behavior of people. Adam Smith never understood the behavior of the system as a whole, i.e. “the workings of a vast machine”, and he never understood macroeconomic profit.#3 The supply-demand-equilibrium narrative that culminated in General Equilibrium Theory is a bad joke to this day. An economist who does not understand profit, i.e. the foundational concept of economics, is a laughing stock.

However, the economy is an abstract entity that defies intuitive understanding, and human behavior is something every moron claims to understand from his own personal experience. As a consequence, Adam Smith's blather about the baker and the butcher and their rational self-interest won the popular vote. The beauty of PsySoc is that one can speculate and talk and moralize about human nature/behavior without ever arriving at scientific knowledge about how the economic system works. People do not like science, people like storytelling and talk shows.

In his scientific incompetence, Adam Smith took the wrong path. He led economics away from science and helped it finally become a subcontractor of the disinfotainment industry.#4

To this day, economics has no scientific truth-value#5 but only political use-value. Politically, Smith's invisible-hand economics forwarded the illusion of Democracy and the reality of Oligarchy. And this is why “Adam Smith's idea is still the basis of the discipline of economics”.

Egmont Kakarot-Handtke

#1 Econogenics: economists pose a hazard to their fellow citizens

#2 PsySoc — the scourge of economics

#3 The profit theory is false since Adam Smith

#4 Circus Maximus: Economics as entertainment, personality gossip, virtue signaling, and lifestyle promotion

#5 Wikipedia, economics, scientific knowledge, or political agenda pushing?

***

REPLY to mameerop, Dec 13 [not published because of comments closed]

Economics has a long tradition of the pointless exercise called exegesis: “Exegesis is a critical explanation or interpretation of a text. Traditionally, the term was used primarily for work with religious texts, especially the Bible. In modern usage, exegesis can involve critical interpretations of virtually any text, …”#1, #2

At some point in any economic discussion, the issue is no longer how the economy works but about what XYZ has said about how the economy works. In other words, folks get lost in metacommunication.

This is NOT an accident but a built-in feature of political economics.

“Another danger is that you may ‘precise everything away’ and be left with only a comparative poverty of meaning. ... Such a problem was avoided, said Keynes, by Marshall who used loose definitions but allowed the reader to infer his meaning from ‘the richness of context’.” (Coates, 2007, p. 87)

In other words, the reader is encouraged to substitute almost any meaning he likes. The result is well-known. Keynes' loose verbal reasoning triggered an enthusiastic exegesis movement that circled for some decades around the question ‘What Keynes really meant?’ Predictably, the question has never been answered. The richness of meaning only generated a wealth of blah blah.

The same holds, of course, for Adam Smith's Invisible Hand.

Take notice that every text that contains this metaphor has NO scientific content but is pure disinformation and that every author who applies this metaphor is NOT a scientist but a mentally retarded political agenda-pusher.

Adam Smith has to be buried at the Flat-Earth-Cemetery together with all folks who ever tried to ‘explain’ what Smith ‘really’ meant.

Economics is a failed/fake science and needs a Paradigm Shift. This means that Adam Smith's idea is NO LONGER the “basis of the discipline of economics”.

#1 Wikipedia

#2 For more about exegesis see AXECquery

***

Wikimedia AXEC121i

Occasional Tweets: Economists ― self-hype is their only talent

 

“Economics is the study of the economy, not the study of economists.” (R. Reis)#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are mutually contradictory, axiomatically false, materially/formally inconsistent. The personality of #Economists is of NO interest. pic.twitter.com/YYHMbMfVDO

— E.K-H (@AXECorg) December 11, 2021

Occasional Tweets: von Mises was a stupid/corrupt political agenda pusher

 

#Capitalism can maintain itself in existence only by sponging on the #State. The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. Thus, perpetual #DeficitSpendingMoneyCreation is a perpetual #FreeLunch for the #Oligarchy. pic.twitter.com/nrUEdibfUd

— E.K-H (@AXECorg) December 11, 2021

For more about Austrianism see AXECquery.

For more about von Mises see AXECquery. 

Occasional Tweets: MMT policy has no valid scientific foundations

 

#MMT policy has NO valid scientific foundations. 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/7hjmAweib0

— E.K-H (@AXECorg) December 10, 2021

Occasional Tweets: How to respect the separation between religion and science

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

The Supreme Being handed over these Twelve Economics Commandmentshttps://t.co/NxykTJpvx6

— E.K-H (@AXECorg) December 10, 2021

For more about religion see AXECquery. 

Occasional Tweets: Economic policy guidance has never had sound scientific foundations (II)

 

#Walrasianism, #Keynesianism, #Marxianism, #Austrianism, #MMT are mutually contradictory, axiomatically false, materially/formally inconsistent. The analytical superstructure of #Economics is scientifically worthless. Economic policy advice has NEVER had sound foundations. pic.twitter.com/KqLtlDnuqZ

— E.K-H (@AXECorg) December 10, 2021

Occasional Tweets: Spending without taxing ― the survival formula

 

#SpendingWithoutTaxing

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. Thus, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Growing #PublicDebt is the life elixir of #Capitalism/#WallStreet. ⇒https://t.co/J7ThjKM5fF pic.twitter.com/49K2NBbo4F

— E.K-H (@AXECorg) December 10, 2021

Occasional Tweets: Economics is not science, never has been

 

The Honourable John Stuart Mill,https://t.co/0CztZlS3Ur
one of the founding fathers of #PoliticalEconomy has most of his life been on the payroll of the East India Company, i.e. the #Oligarchy. Not much has changed to this day, except that #Economics claims that it is #Science. pic.twitter.com/ngu2PHyzAY

— E.K-H (@AXECorg) December 8, 2021

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

Occasional Tweets: Humility is the magic hood of incompetence

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

It is better to be precisely right than roughly wronghttps://t.co/0qFxkm3a5d

Economics ― worse than fakehttps://t.co/6n41B7gPyz pic.twitter.com/BKvHN7Rjsr

— E.K-H (@AXECorg) December 7, 2021

Occasional Tweets: The "reforming programs" of MMT always boil down to deficit-spending/money-creation

 

#MMT takes “reforming programs” as a pretext for #DeficitSpendingMoneyCreation. Bc of #PublicDeficitIsPrivateProfit, MMT is a political fraud to the advantage of the #Oligarchy and the disadvantage of #WeThePeople. ⇒https://t.co/H8vQN478k7 pic.twitter.com/hHb0bFcjlX

— E.K-H (@AXECorg) December 7, 2021

#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/56hvSDXdqG

— E.K-H (@AXECorg) December 7, 2021

The reality is that #MMT is refuted on all counts and that Stephanie Kelton is academic fraud.

The Kelton Fraudhttps://t.co/BN9izLduPa pic.twitter.com/Xj6150Rtny

— E.K-H (@AXECorg) December 7, 2021

The reality is that Stephanie Kelton is too stupid for the elementary #Algebra that underlies macroeconomic accounting and that #MMT is refuted on all counts.

MMTers are too stupid for science but well-suited as useful idiotshttps://t.co/eIliBmMI2U pic.twitter.com/RMmH6LGNCi

— E.K-H (@AXECorg) December 7, 2021

The fact that Stephanie Kelton “spent time as chief economist of the Senate Budget Committee” does NOT prove that she is an intelligent/honest #Scientist but that she is a stupid/corrupt #AgendaPusher. pic.twitter.com/rER6jlR0Ov

— E.K-H (@AXECorg) December 7, 2021

The #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. If tax T goes to #Min and spending G goes to #Max, #Profit Q goes to #Maximum. For #WeThePeople as a WHOLE, #DeficitSpendingMoneyCreation is ALWAYS a bad deal.

— E.K-H (@AXECorg) December 7, 2021

#MMT#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, Mr. Biden!

— E.K-H (@AXECorg) December 7, 2021

Imagine, the military budget is reduced to zero and the #Spending is redirected to Employment-/Climate-/Healthcare under the condition of a #BalancedBudget G=T. This benefits #WeThePeople. #MMT, though, insists on #DeficitSpending which increases #Profit Q≡G−T. Do you get that?

— E.K-H (@AXECorg) December 7, 2021

Occasional Tweets: Neither luck nor skill

 

#BankExecutiveBonuses

It's neither luck nor skill. The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. Thus, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Growing #PublicDebt is the life elixir of #Capitalism/#WallStreet. pic.twitter.com/UvKBpHF5VV

— E.K-H (@AXECorg) December 6, 2021

Occasional Tweets: The critical economist ― just another laughing stock

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

The history of economic thought is the history of scientific failure: “Scrap the lot and start again.” (Joan Robinson)

Why don’t you do what Joan Robinson told you to do?https://t.co/PYXQLqdqaS pic.twitter.com/p4leD8TDqT

— E.K-H (@AXECorg) December 6, 2021

Occasional Tweets: The life elixir of Capitalism

 

The 3-sector #ProfitLaw Q≡(G−T)+(I−S)+Yd implies #PublicDeficitIsPrivateProfit. Thus, #DeficitSpendingMoneyCreation is a #FreeLunch for the #Oligarchy. Growing #PublicDebt is the life elixir of #Capitalism/#WallStreet. ⇒https://t.co/ATzyx3Cwnt pic.twitter.com/gtLILcjYyu

— E.K-H (@AXECorg) December 5, 2021

For more about profit see AXECquery. 

Occasional Tweets: The futile attempt to recycle the history of economic thought

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

The history of economic thought is like the history of the Easter Bunny ― scientifically vacuous.https://t.co/vNYE4yySrJ pic.twitter.com/DgXCcNCNhc

— E.K-H (@AXECorg) December 4, 2021

For more about proto-scientific garbage see AXECquery. 

Occasional Tweets: Economists even abuse Christmas (I)

 

#Economics as #Science is about how the #Economy works. #Economists, though, are NOT #Scientists but instead help folks to “get into the Christmas spirit” because in this mental state everybody believes everything. ⇒https://t.co/xsj9DcJmJg pic.twitter.com/P3mUC1Nh1j

— E.K-H (@AXECorg) December 4, 2021

Occasional Tweets: The foundational concept of economics is profit

 

#Economics#FailedScience#FakeScience#Economists#StupidOrCorruptOrBoth

The foundational concept of #Economics is #Profit. But #Economists don't get it right to this day.

The profit theory is false since Adam Smithhttps://t.co/s3zlXjeZ3a pic.twitter.com/cgOB7m9gH4

— E.K-H (@AXECorg) December 2, 2021

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

Occasional Tweets: Economists are fake scientists but real agenda pushers

 

#Economics#FakeScience#Economists#AgendaPushers

To exclude mandatory vaccination before Federal Elections, to win with the votes of vaccination opponents, to declare the very opposite before inauguration is NOT “das richtige” but destroys the #Legitimacy of the new Kanzler. pic.twitter.com/8JnKZxlndH

— E.K-H (@AXECorg) December 2, 2021

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

Occasional Tweets: The futile attempt to hype fake scientists

 

#Econ#DisInfoTainment

“Economics is the study of the economy, not the study of economists.” (R. Reis)

The personality of #Economists is of NO interest except for the fact that they are NOT #Scientists but #Clowns/#AgendaPushers/#UsefulIdiots in the political #CircusMaximus.

— E.K-H (@AXECorg) December 2, 2021

Occasional Tweets: Get it, economics is not a social science but a systems science

 

The history of economic thought is the history of scientific failure. #Economists are not #Scientists but #Clowns/#UsefulIdiots in the political #CircusMaximus.

Economics is NOT a social sciencehttps://t.co/zJHeQboYGH

and NOT a science of behaviorhttps://t.co/MzGiF9gpXa pic.twitter.com/rG708Gt9ul

— E.K-H (@AXECorg) December 1, 2021

Occasional Tweets: Academia and Science is NOT the same thing ― in economics, they are opposites

 

#Economics#FailedScience#FakeScience

“Masonomics is … founded in principles that stress the value of free markets in promoting peace and prosperity.”

Masonomics is proto-scientific garbage. GMU economists are NOT #Scientists but #UsefulIdiots in the political #CircusMaximus. pic.twitter.com/ORqil0bLIh

— E.K-H (@AXECorg) December 1, 2021

For more about science see AXECquery. 

Occasional Tweets: In science, only material/formal consistency counts, NOT the number of followers

 

“In order to tell the politicians and practitioners something about causes and best means, the economist needs the true theory or else he has not much more to offer than educated common sense or his personal opinion.” (Stigum)#Economics is NOT about generating followers. pic.twitter.com/nKKKYnUKmO

— E.K-H (@AXECorg) December 1, 2021

For details of the big picture see cross-references Scientific Incompetence. 

 

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

 

#Economics

Making history is easy. Every moron can do it. Doing #Science is quite another thing. #Keynes messed up #MacroEconomics 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/OZaXE9BXFo

— E.K-H (@AXECorg) December 1, 2021

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

Occasional Tweets: The futile attempt to recycle Hayek (I)

 

#Economics#FailedScience#FakeScience#CargoCultScience

Since the founding fathers, #Economists are in the #DisInfoTainment business.

Hayek ― agenda pusher or scientist?https://t.co/7RwU9fuYpp pic.twitter.com/Gnv5Fcz6CZ

— E.K-H (@AXECorg) December 1, 2021

For more about Hayek see AXECquery. 

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